$7 billion a day

The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget: 

We are just four months into the fiscal year, and we continue to borrow at an alarming rate. We have already borrowed a total of $838 billion this fiscal year – nearly $7 billion per day – with $127 billion of that just from the month of January.  

All of this borrowing is resulting in real consequences. Interest payments on the debt are headed towards $1 trillion annually, and the national debt will pass its World War II-era record in just four years. With policymakers considering fiscal policy with high price tags this year – such as tax extensions, defense spending increases, and other priorities – we need to commit to no new debt and start reducing deficits as part of any new legislation. 

The best way we can move forward is for lawmakers across both sides of the aisle to work together to improve our fiscal outlook. Enough is enough. We are on an unsustainable path and the time to fix it is now.  

However, the current slash and burn approach is the the way to go about it.

A more considered approach, a long-term feasible plan, a plan that balances need and frugality, a plan that recognizes the ultimate need for more revenue to meet the needs of all the people.

6 comments

  1. AL LINDQUIST
    No matter how much $ you gave to brother Quinn and his buddies they would be back in a number of years wanting more–they have unlimited spending programs–you are well prepared for this in NJ where they love to spend and have the high taxes to show for it.

    Musk is ferreting out all sorts of crazy spending done with our tax dollars–once they get into the Pentagon you will really see some real goofy spending–trust me, you cannot satisfy the spending needs of those on the left-

    the DEI spending throughout government is bad enough but if you want a government contract you have to have DEI for the workforce–

    it really is outrageous but I am not wild about the meat-axe approach being taken., but if you complain about deficit spending start with the spending.

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  2. Good Morning, As a retired PSEG employee as yourself, i was looking for some advice from you on world travel on Medicare. What medical insurance do you use to suplement your medical coveragewhile traveling out of the country. All my research has not been encouraging with all the fine print. Any info would be greatly appreciated, Thank you, James Maiorino

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    1. We have a Medigap plan G that includes emergency medical care outside the Country. We also usually buy separate travel insurance that provides some added coverage. But it’s only for emergency care.

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  3. A more feasible plan would look like what? How much would taxes have to increase to accommodate the incessant spending and borrowing? Would not a monstrous tax increase create an equally monstrous recession? Let’s try slash and burn for awhile.

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