Nearly a decade after the advent of the Tea Party movement and two years into total Republican control of the federal government, fiscal irresponsibility still threatens to wreak havoc on our national economy and security. Our national deficit still accelerates at a pace quickly growing out of control. Our national debt clocks in at nearly $180,000 per tax payer and over $21 trillion in total. Within the next decade, our debt is projected to equal our GDP, and within the next five years, the cost of interest on our national debt — which is about to cost as much as our Medicaid spending — will surpass our defense spending.
Naturally, progressive Democrats want to nuke one of the last remaining restrictions mandating federal fiscal responsibility with the new rules governing the 116th Congress.
Returning House Speaker Nancy Pelosi, D-Calif., wants to upend the restriction requiring that spending increases be met with spending cuts elsewhere, colloquially deemed “CUTGO,” and return to a weak version of the rule. Pelosi’s preferred “PAYGO,” which Democrats employed during their last majority, requires that deficit-increasing measures be met with spending cuts or revenue increases (read: tax, tax, tax!).
The tax-and-spend-into-oblivion ethos leading the Democratic establishment should terrify the masses enough, but now the far-left of the party has begun to throw a tantrum to go full fantasy-land on our deficit.
Read more at the Washington Examiner.