U.S. To Borrow Trillions Of Dollars More When We Cannot Afford It
U.S. to borrow trillions of dollars more when we cannot afford it. There are only $2T in cuts out of an $86T budget. It’s nothing. You cannot reduce the debt by cutting fraud. You can only reduce it by attacking policy and entitlements.
It’s good to be joined by Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, and God knows we need a responsible budget. And it just doesn’t look like there are a whole lot of great options on the table. Right before Congress left town last week, the House adopted a budget resolution that does a whole lot of things that Republicans aren’t really known for, running on a campaign promise. Maya, tell us a little bit more about the stage that we’ve been set here.
So yeah, this is a huge year in terms of the choices that we’re going to make and how it’s going to affect the overall national debt, the fiscal situation, which is terrible to get started with. But what we’re looking at in the budget reconciliation is different opinions from both the House and the Senate. But everybody who is talking about extending tax cuts or cutting taxes from where they are legally set to be is not talking about offsetting that cost enough. And so, by not enough, I mean it will end up adding to the borrowing of this country at a time where what we should be doing is reducing the borrowing… You can’t make a dent in the problem with the limitations they’re putting there. And honestly, they spend their time promising not to raise taxes, not to fix Social Security or Medicare, which we can talk about, not to cut spending. And they pretend. Waste, fraud and abuse is going to fill that hole? And I’m the non-political person here to say like that is so destructive. It’s not going to fix this problem.
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