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The national debt just continues to grow — and significant cuts apparently won’t be on the way anytime soon.
President Obama’s budget, released this week, projects more record federal deficits for the current fiscal year and an overall debt greater than the size of of the total U.S. economy.
It’s not a pretty picture.
This year’s projected deficit—$1.65 trillion; total projected U.S. debt—$15.48 trillion. In 2007 that year's deficit was just $160 billion.
This type of deficit spending can’t be sustained. Trouble looms unless major cuts are made. And soon.
The President’s budget failed to propose any of those major issues that need to be addressed. Window dressing won’t cut it, even if it costs him a second term. This is no time to play politics with the financial future of this nation.
The President’s budget is projecting a fast economic rebound to curb the growing deficit. That is an assumption that just can’t be counted on occurring. In fact, the Congressional Budget Office is much more pessimistic in its projections. And, as the recovery occurs, higher interest rates will ensue, adding even more to the national debt.
President Obama has offered a $3.73 trillion budget for the upcoming fiscal year. In the meantime, the Republicans and Democrats continue to battle over this year’s budget. Funding for the year will soon end and the Republican-controlled House and the Democrats who control the Senate are far apart on any compromise. The House wants substantial cuts to be made, a remedy the Senate doesn’t want to take.
Cutting the deficit was a top priority as voters went to the polls last November. A message was sent. But apparently the President and Senate Democrats still refuse to pay attention.
Waiting for better days is just not an option any more. Cuts, real cuts, have to be made. This job can’t be left to future leaders. The time is now. There must be a fundamental change in the way the federal government operates.
Spending as usual will only light a fuse that will soon end in an explosion of fiscal disaster.