Late Wednesday, the House passed an agreement to raise the debt ceiling in exchange for a few micro changes in spending.
It's the debt itself that poses the real and immediate crisis.
Interest payments are exploding: Thanks to unprecedented spending during COVID, not only does the government owe interest on $3 trillion more debt than it did when Joe Biden took office, interest rates are going up thanks to the inflation that all that reckless spending sparked.
In a decade, interest on the debt will exceed the projected Defense Department budget by 30%. As a share of GDP, net interest payments are on track to nearly double the historic average in just a few years.
The debt is skyrocketing: Out-of-control spending combined with exploding interest payments, will, in turn, add to the already mountainous federal debt.
At its best, the debt ceiling bill that House Republicans passed earlier this year barely addressed these calamities.
We hope the Washington crowd enjoys its little celebration over the debt ceiling deal.
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