UNSUSTAINABLE: U.S. deficit projected to hit $2 trillion, double fiscal target.
Will McBride, the Tax Foundation’s chief economist, said the numbers show Congress isn’t taking action to address financial warnings about the U.S. debt.
“It indicates Congress and the administration are still ignoring the dangers of an unsustainable debt trajectory and actively making it worse rather than addressing it,” McBride told The Center Square. “The effect is to make a crisis more likely to happen sooner rather than later.”
The projections come from Treasury’s quarterly refunding presentation to the Treasury Borrowing Advisory Committee, a panel of bond market participants that advises the department on debt management, making them among the most closely watched fiscal disclosures in financial markets.
Neither party is going to cut spending. You know it, I know it and anybody with two neurons to rub together knows it because cutting discretionary spending is meaningless. The only way to cut spending and fix the deficit is to cut entitlement programs welfare, Social Security, Medicare etc. and that will never happen because politicians know they would be committing political suicide if they did. They will let the system collapse.
h/t SquidbillyCPO