And you think tax cuts are a prudent policy for the long-term financial stability of the United States?

This administration is undermining the solvency of the United States despite initial promises to lower deficits and debt.

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

We’ve borrowed an astounding $1.8 trillion this fiscal year, with $431 billion in the month of July alone, and equating to nearly $6 billion per day. We’re on track to surpass $2 trillion in borrowing this fiscal year despite not being in a recession. That is not normal.

Incredibly, such an enormous level of borrowing barely scratches the surface of our fiscal deterioration. We are about to hit the sobering milestone of $40 trillion in gross national debt, and things are only likely to get worse.

If lawmakers want to correct our fiscal course, they should start by targeting a reasonable fiscal goal, like 3% of GDP deficits, and then create a bipartisan commission to figure out how we should get there. We can no longer afford to put off the difficult decisions – the time to act is now.