THIS IS THE REAL “FISCAL CLIFF”
The federal government will spend $1.2 trillion that it doesn’t have during the current fiscal year – the fifth consecutive year that it has run a deficit greater than $1 trillion. More frightening from a taxpayer perspective, the latest spending projections from the administration of Barack Obama calculate the government’s debt rising to $25.4 trillion by the year 2022.
This is insanity, right?
Of course it is… just ask Obama (c. 2009).
“We cannot and will not sustain deficits like these without end,” Obama said shortly after taking office. “Contrary to the prevailing wisdom in Washington these past few years, we cannot simply spend as we please and defer the consequences to the next budget, the next administration, or the next generation.”
That’s accurate. Yet Obama hasn’t merely continued the profligate spending of his predecessor – he’s dramatically escalated it.
“His updated budget proposes a $10.6 trillion increase in gross debt through 2022, with debt remaining permanently above 100 percent of GDP,” writes U.S. Sen. Jeff Sessions (R-Alabama). “His budget proposes to spend $46.2 trillion over ten years—an increase of nearly one-and-half trillion dollars above the current law baseline and a 57 percent increase above today’s spending levels.”