Since November 2nd, when the budget deal was signed, the US added $339 billion dollars to the national debt, bringing the total to $452 billion dollars by November 10th.
This is stunning.
The lame duck Speaker met with the lame duck President and plotted this out in secrecy. The added monies are to pay for the unbelievable spending that has already taken place.
This sudden leap in the budget happened in 2013 also. To avoid hitting the debt ceiling, they play accounting games while they continue to spend wildly as if there was no debt ceiling.
Tax cuts have to be paired with spending cuts and we are not doing that.
Rand Paul challenged this idea of tax cuts during the Fox Business debate last week:
The argument is that business will grow with tax cuts. That worked under Reagan but not as much under Bush and the reason for that is because of the excessive spending and the failure to trim entitlement programs, the core problem.
What happens when the rates rise and the cost of our debt also rises? It’s dangerous. Look who we borrow from!
The national debt stands at $18.6 trillion today. You can get the debt clock on your iPhone if you want to watch the government spend us into some third world hellhole existence.
The largest budget items are Medicare/Medicaid which Obama just increased significantly, Social Security, Defense, Income Security, Interest on Debt, and Federal pensions, which are really becoming dangerous under unions.
CNS News reported that the government brought in $211,046,000,000 in revenue for the month and ran a deficit of $136,532,000,000.
With the Bureau of Labor Statistics reporting that there were 149,120,000 people in the United States in October who held either a full- or part-time job, that means the $347,578,000,000 in federal spending for the month equaled about $2,331 for every person with a job.
The $211,046,000,000 in federal tax revenues equaled about $1,415 for every person with a job.
The $136,532,000,000 deficit equaled about $916 for every person with a job.
We have to cut our spending!