When there is a Democrat in the White House, Republicans pretend to care about the debt. When a Republican is President, they couldn’t care less.
In a new budget deal hammered out in the dead of night, the Republican-controlled Congress voted to massively explode the federal budget deficit to levels not seen since the early years of the Obama Administration. New spending will push the yearly deficit to over one trillion dollars.
This profligacy is not sustainable. As we continue to balloon the federal budget and add to the debt, we must spend more and more on interest payments. This leaves less money to spend on defense, social security, and all other government programs. To make up the difference, we must borrow more money, which further adds to the debt and further compounds the problem. This cannot continue forever, and at some point it will end in economic catastrophe. At what point this will happen is anyone’s guess. However, with our fiscal operating debt now over 20 trillions dollars, and unfunded liabilities far in excess 100 trillion, disaster cannot be far away.
From The Chicago Tribune:
Republicans rode the tea party wave to power eight years ago on a message of fiscal responsibility and attacking budget deficits, and kept at it during President Barack Obama’s two terms. That was then.
The Republican-led Congress on Thursday was rounding up support for a bipartisan budget bill that would put the government on track for annual deficits topping $1 trillion, a gap last seen toward the end of Obama’s first term.
The projection for massive budget deficits has split Republicans. Dedicated fiscal conservatives criticized the plan while others accepted it as a necessary compromise to shore up military spending and keep the government running after a short-lived shutdown last month.
“I think the spending in this is reckless and irresponsible,” said Rep. Thomas Massie, R-Ky., a conservative who is backed by the tea party.