Do you want Congress to do its job or just merrily go along off the cliff? In the absence of a national emergency how can such unfunded spending be justified. And yet, many politicians have proposals to spend more.
We have elected a group of cowards afraid to confront the issue or tell us the truth about spending and taxes affecting all Americans.
APR 10, 2023
In the first six months of fiscal year 2023, the United States borrowed $1.1 trillion, with a $376 billion deficit in February, according to the latest Monthly Budget Reviewfrom the Congressional Budget Office. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
Only halfway through the fiscal year and we’ve already borrowed $1.1 trillion – a massive $6 billion per day. Yet lawmakers have done little to write a budget and figure out a plan for how to slow this endless flow of borrowing.
Our fiscal challenges will only become more difficult the longer we wait to do anything. In just five years, the national debt will surpass its record as a share of the economy – set just after World War II, when we had no choice but to borrow to win the war. However, we’re in no such emergency now. It’s long past time that policymakers figure out a way to sustainably finance their priorities, not just add the costs to the national credit card.
By the end of the decade, if lawmakers do nothing, the deficit will approach $3 trillion. That amount of borrowing outside of a national emergency is plainly unacceptable.
Budgeting requires tradeoffs – often painful ones that politicians don’t want to grapple with. However, that is what they were elected to do, and they should consider the needs of both current and future Americans in upcoming fiscal negotiations. We simply cannot afford to ignore our unsustainable borrowing any longer.
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For more information, please contact Matt Klucher, Communications Manager, at klucher@crfb.org.
QUINNSCOMMENTARY 
When you are adding billions per day to the national debt and then wasting the money on stupid stuff. Like College loan forgiveness and 86,000 new IRS agents. It defies logic, in a few years the US will be paying 1 Trillion per year in interest payments. The fix is simple raise taxes and cut spending, do both, either one will fail on its own. If done correctly we could stop future borrowing and maybe even retire some of the debt. I know in a 20 Trillion dollar economy the Federal Government should come up with a taxing system that provides for all NEEDED spending without borrowing a single dollar.
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well…the voting constituents for our esteemed legislators want their current benefits come hell or high water. And the more the better!The biggest expense “benefits” are Medicare and Social Security payments ( yea I know workers already paid into it). Inflation feeds into more inflation. And around we go: i.e. Massive deficit spending will continue!
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well….
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What can’t go on won’t go on as said years ago. We may not like what happens when the end comes but the free spending will stop.
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I been concerned about our deficit and our national debt for years. Now several countries are so concern they they have taken steps to no longer use the US dollar as a reserve currency for trade. That shows the weaking in the faith of the dollar world wide but Congress doesn’t care.
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When it stops it will stop very hard!
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