Within a decade, the U.S. national debt, now $18.2 trillion, will soar to $27 trillion, the Congressional Budget Office predicts.
Paying the interest alone on that will cost American taxpayers $722 billion a year.
Far from curbing deficit spending that builds the debt, Congress and the president are spending more money that we don’t have.
During the first six months of this fiscal year, federal spending was up 7.1 percent compared to the same period in 2014. Deficit spending also was increased.
What’s the answer? Some lawmakers say higher taxes are needed. They want Congress to approve $2 trillion more in taxes over the next 10 years.
Americans are being told we have to pay more taxes at the same time our government continues digging a debt hole out of which our children and grandchildren may never climb.
What will it take to stop this fiscal insanity? When will our federal lawmakers understand it is their job to control debt?