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This week, the Congressional Budget Office released a startling forecast
- the federal budget deficit is projected to reach $477 billion over the
next year. The non-partisan CBO also found that the budget deficit over
the next 10 years is expected to reach $2.4 trillion - an alarming figure
considering that just three years ago our budget was running on a $5.6
trillion projected surplus.
When the government continues to spend money it doesn't have - as it
has done for the past three years - all sorts of problems occur. The United
States becomes more reliant on loans from foreign countries, such as China
and Japan, to fund our spending habits. According to a recent article in
the Washington Post, many economists fear that "foreigners will soon tire
of financing America's appetites, and as a result, inflation, bankruptcies,
and economic malaise will follow."
For our government to continue on a downward spiral of spending money
we don't have is not only an exercise of poor fiscal policy, but is flat-out
irresponsible. There is no magic secret: if a pressing issue requires us
to increase our spending - such as the added expense of Homeland
Security - our government must use good fiscal judgment, and make
cuts to other areas.
When President Bush unveils his budget Monday, I can only hope his proposed
plan will sufficiently address our country's escalating debt and budget
deficits. However, the President is expected to propose making his tax
cuts permanent, a scenario the CBO projects will cause the national debt
to exceed $9 trillion in five years, $10 trillion by 2009, and a whopping
$12 trillion by 2013.
As it currently stands, the amount of each U.S. citizen's share of the
national debt is $23,920-that's for every man, woman and child. Additionally,
the first $2,559 every one of us pays in taxes each year simply goes to
pay down interest on the national debt-a debt that will grow by nearly
a half trillion this year. It is what I call the "debt tax."
As a member of the fiscally conservative Blue Dog Coalition in the U.S.
Congress and as a small business owner, I believe our nation must get its
fiscal house back in order and restore fiscal discipline. The greater
this country goes in debt, the less opportunities we will have to cut taxes
for working families and fund programs important to our children and seniors.
Our families are required to live within their means and our government
should also learn to live within its means. |
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