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Congress' half-trillion dollar spending binge

Thursday, December 17, 2015 | Tag Cloud

Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”

(Worthy News) - Rand Paul thinks the national debt is the "greatest threat" to America’s future. Donald Trump warns that the nation is at risk of becoming "a large-scale version of Greece." And Marco Rubio says the debt will "shackle future generations."

But on Capitol Hill this week, just hours before they jet away for the holidays, the GOP-led Congress is going on a $680 billion spending spree — none of which will be paid for by budget cuts or other tax offsets. And all of which will be added to the national debt, according to budget watchdogs.

“We are doing damage to the fiscal health of the country by borrowing this mind-boggling amount at a time when the debt is so high,” said Maya MacGuineas, president of the bipartisan anti-debt nonprofit Committee for a Responsible Federal Budget. “It’s absolutely at odds with the priority Republicans are making — the debt — when they’re campaigning, and with the Republican budget that was passed out of the House.” [ Source ]

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Worthy Christian News » US News » Congress' half-trillion dollar spending binge