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Americans for Prosperity President Tim Phillips | Inside Sources
“Politicians’ addiction to overspending has long been bound by no political affiliation. No matter which party is in charge, the federal government runs a deficit. The $21 trillion national debt is the most visible bipartisan accomplishment, if you want to call it that, of the past several decades.
A recent manifestation of this trend is the reckless $1.3 trillion omnibus spending bill, the hurried creation of a Republican House and Republican Senate, and signed into law by a Republican president.
The 2,232-page behemoth pushed discretionary spending — the spending Congress has direct and immediate control over — a whopping $143 billion over previous budget cap levels. And, of course, it did nothing to rein in mandatory spending on entitlement programs, the main drivers of deficits and debt.
The answers are in the numbers, if only congressional leadership would do the math.
The deficit is expected to exceed $800 billion this year, approach $1 trillion next year, and then remain in excess of $1 trillion for years to come. According to a newly released report by the Congressional Budget Office, an additional $12.4 trillion will be added to the debt over the next 10 years.
For those hoping to pin this dismal outlook on the tax cuts enacted at the end of 2017, you’ll have to look elsewhere. CBO projects that federal tax revenues as a share of GDP will be higher in 10 years than it is now. Federal spending is projected to exceed 23 percent of GDP by 2027. The historical norm is about 20 percent.
The next budget deadline will present one more chance, just a few weeks before the midterm elections, for fiscally responsible lawmakers from both parties to give potential voters a reason they should be returned to office. Certainly, the recently passed “bipartisan” omnibus gives them no such reason.”
For further information or to set up an interview, please send an email to GBraud@afphq.org.
Americans for Prosperity (AFP) exists to recruit, educate, and mobilize citizens in support of the policies and goals of a free society at the local, state, and federal level, helping every American live their dream – especially the least fortunate. AFP has more than 3.2 million activists across the nation, a local infrastructure that includes 36 state chapters, and has received financial support from more than 100,000 Americans in all 50 states. For more information, visit www.americansforprosperity.org
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