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Title: MacGuineas: U.S. Faces $14 Trillion Deficit in 10 Years as Interest Is ‘Single Fastest-Growing Part of the Budget’
Source:
Breitbart
URL Source: http://www.breitbart.com/radio/2017 ... e-fastest-growing-part-budget/
Published: Feb 28, 2017
Author: dan Riehl
Post Date: 2017-02-28 21:13:30 by cranky
Keywords: None
Views: 1881
Comments: 7
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, discussed with Breitbart News Daily SiriusXM host Alex Marlow the serious nature of current and future budget issues facing the nation.
“We are on track if we do nothing over the next ten years – doing nothing, passing no laws – we will borrow nine trillion dollars,” said MacGuineas on Tuesday’s show. She also pointed out that as of now, Trump’s current plans based upon his campaign rhetoric would add another five trillion dollars to the deficit.
“Our debt is already at record levels,” she added. “It’s about seventy-seven percent of GDP, and we will borrow another nine trillion dollars because of automatic spending growth.”
MacGuineas said, “Not many people notice, but the single fastest-growing part of the budget is interest on the debt.”
“If we do nothing, at some point, we’ll have a debt crisis,” she added, discussing the ramifications at length.
Breitbart News Daily airs on SiriusXM Patriot 125 weekdays from 6:00 a.m. to 9:00 a.m. Eastern. (1 image)
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True. If we do nothing for ten years we will have a debt crisis. The chances of us doing nothing for ten years are zero.
#2. To: Vicomte13 (#1) (Edited)
The chances of us doing nothing for ten years are zero.
Absolutely.
Americans can rely on career, second and third generation political hacks to practice the same fiscal responsibility that has made us debt free and be proper stewards of america's wealth as they have for decades.
Sleep well, america! Republicrat foxes are guarding the hen house.
Our future is assured.
#3. To: cranky (#0)
"but the single fastest-growing part of the budget"
Budget? We have a binding Congressional budget? Since when?
#4. To: misterwhite (#3)
We have a binding Congressional budget?
I believe the federal government is currently financed via a continuing resolution.
The current one ends next month, I believe.
#5. To: cranky (#4)
believe the federal government is currently financed via a continuing resolution.The current one ends next month, I believe.
It will be extended, of course.
#6. To: Vicomte13 (#5)
"It will be extended, of course."
Yeah. It reads, "Whatever we spent in the last six months, add 3% and that's your "budget" for the next 6 months. And if you exceed that number don't worry about it."
#7. To: misterwhite (#6)
Yeah. It reads, "Whatever we spent in the last six months, add 3% and that's your "budget" for the next 6 months. And if you exceed that number don't worry about it."
And until the Trump agenda is settled and we have a formal budget drawn up, that will have to be the way we do it - ad hoc. Trump didn't create the mess, and he didn't start the fire. Getting it under control is going to take time.
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