More debt pain ahead
As far as dealing with the ongoing federal deficits and debt, this deal is a first start. This deal provides for an increase of the debt ceiling of $2.4 trillion and supposedly cuts $2.2 trillion from federal spending over 10 years, with almost $1 trillion in cuts within the upcoming fiscal year.
The problem is these cuts in government programs. Historically, the American people do not want program cuts in their home states.
Even with the above, it is projected that the federal deficits will increase by $9 trillion over the next 10 years. We do not want program cutbacks, but we do not want our taxes raised to pay for these programs.
There are 60 million Americans drawing Social Security, with 60 million baby boomers joining them within 10 years, 40 million Americans drawing Medicaid and 50 million collecting food stamps. Within 10 years, 60 percent of Americans will be drawing government checks and only 40 percent working.
If our federal Congress cannot deal with the debt at $14 trillion, how will they deal with it at $23 trillion in 10 years?
Nine Mile Falls