In May 2023, when then-Speaker of the House Kevin McCarthy negotiated a debt limit deal that included spending limits, the gross national debt stood at just under $31.5 trillion.
Conservatives in the House were deeply upset about the debt deal, which contained fraudulent gimmicks to get around the announced spending limits.
Johnson claims potentially $14 billion in further reductions relative to the draft spending bills produced by the Senate, but Democrats suggest otherwise.
From wasteful earmarks to handouts for radicals in academia to white elephant high-speed rail projects, the budget deal will have little effect on the broken status quo.
Federal spending is expected to grow much faster than both tax revenues and the economy in the years to come, even if we avoid a recession.
While the size and scope of the federal government is almost beyond comprehension, the reason why spending is likely to skyrocket is driven by just three parts of the budget, none of which are touched by the deal.
The cost of paying interest on the national debt has gone through the roof due to both the meteoric rise of interest rates over the past year and the continual surge of deficit spending.
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