Three days after President Trump told his aides to look for deep cuts in federal spending for 2020, he agreed to a budget deal that blows a $320 billion hole in the spending caps and allows a two-year suspension of the debt ceiling.
Thus, as a result of this "Compromise," Democrats are boasting that not only did they get a huge boost in domestic spending, they are "Pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years," according to the statement issued by House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer.
To give the caps teeth, the deal included a sequester provision that imposed automatic, across-the-board spending cuts if Congress couldn't figure out how to live within its means.
Since then Congress lost interest in spending restraint, and the floodgates reopened.
Spending is up nearly 9% in just the past two years alone.
The Congressional Budget Office now estimates that, unless Congress and the White House come to grips with spending, projected deficits over the next three decades will "Drive federal debt held by the public to unprecedented levels - from 78% of gross domestic product in 2019 to 144% by 2049." Interest payments alone will start to swamp the budget, making it all the harder to ever get to a balanced budget.
Even as dramatic as these numbers are, the fact is that getting spending, deficits, and debt under control does not require massive cuts in spending.
https://issuesinsights.com/2019/07/23/a-budget-disaster-of-epic-proportions/
Thus, as a result of this "Compromise," Democrats are boasting that not only did they get a huge boost in domestic spending, they are "Pleased that our increase in non-defense budget authority exceeds the defense number by $10 billion over the next two years," according to the statement issued by House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer.
To give the caps teeth, the deal included a sequester provision that imposed automatic, across-the-board spending cuts if Congress couldn't figure out how to live within its means.
Since then Congress lost interest in spending restraint, and the floodgates reopened.
Spending is up nearly 9% in just the past two years alone.
The Congressional Budget Office now estimates that, unless Congress and the White House come to grips with spending, projected deficits over the next three decades will "Drive federal debt held by the public to unprecedented levels - from 78% of gross domestic product in 2019 to 144% by 2049." Interest payments alone will start to swamp the budget, making it all the harder to ever get to a balanced budget.
Even as dramatic as these numbers are, the fact is that getting spending, deficits, and debt under control does not require massive cuts in spending.
https://issuesinsights.com/2019/07/23/a-budget-disaster-of-epic-proportions/
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