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Jaw Dropping Report from the CBO

There was a jaw dropping report yesterday from the Congressional Budget Office (CBO). They issued a very alarming update which reaffirms what I’ve been saying about our out-of-control spending and national debt.

First, let’s make sure we have two terms properly defined: deficit vs. debt.

This year, your federal government will spend $1.4 trillion more than it takes in through tax revenue. That’s our deficit: $1.4 trillion for just this year. For my liberal friends who believe we should tax our way out of this problem, your individual share of this year’s deficit is $4,000… on top of the taxes you already pay. You can send your extra $4,000 payment for this year's deficit to the IRS as soon as you’d like.

Starting next year through at least 2033, our deficit is currently projected to be $2 trillion annually. Again, that means every year, we’ll be spending $2,000,000,000,000 more than we take in. That’s a massive amount of money, even for a nation like ours.

Debt, on the other hand, is different. Our national debt is the total amount we’ve borrowed to cover our deficit spending. Right now, our national debt is $31.4 trillion. This year, we’ll add another $1.4 trillion. And every year thereafter, another $2 trillion.

Pouring salt on the wound, the CBO also revised a recent forecast they issued back in May concerning our federal debt. The sum of our deficits over the next decade is now expected to be 20% higher thanks to liberal legislation pushed through late last year, plus Biden’s inflation and higher interest rates.

This is terrible. In fact, I’m surprised this report wasn’t quietly released in a “Friday evening news dump” to avoid the bad headlines. You know you’ve got a serious problem when the Director of the non-partisan CBO says, “The fiscal trajectory is unsustainable,” and “Something has to give.”

I’m going to say this again for the umpteenth time:

🔸 We’re on a dangerous path with federal spending.

🔸 We cannot tax our way out of this problem.

🔸 The federal government MUST cut wasteful, unnecessary spending.

🔸 Absolutely no new spending without offsets elsewhere in the budget.

🔸 And every financial package that comes before Congress must include responsible spending reductions and reforms to put us on a trajectory to balance this budget in a reasonable amount of time.