Report: United States Now Borrowing 46 Cents of Every Dollar It Spends

The Congressional Budget Office has released its latest report and it contains this rather distressing fact: the federal government is now borrowing 46 cents of every dollar spent in fiscal year 2013. I have long been a critic of the fiscal policies of both parties, but it is astonishing that the American people have not thrown out the whole lot of these people — Democratic and Republican. We look like an utter ship of fools as politicians allow the country to drift toward an unprecedented financial collapse. In the meantime, the Administration is borrowing this money to simply give Israel a $100 million building complex and pour billions into corrupted governments in Iraq and Afghanistan.  China of course continues to hold much of our debt and is going on a buying spree in the U.S.

The government chalked up a $172 billion deficit in November alone — part of a $300 billion deficit for the first two months of the fiscal year. While both sides talk about the need to reduce spending, they have been spending like drunken sailors for years. For those of us who are skeptical about the use of tax increases in this economy, it is unnerving to think of giving more money to these same players. We need new revenue because of their horrible record over the last eight years. We must need however a third party to break the monopoly of power in this country — a monopoly that has left the entire country captive to these self-perpetuating parties.

It is clear that neither party wants to make hard choices and continue to hand out hundreds of millions of dollars to curry favor with different groups as with the $100 million gift of a building. There is also no serious accountability for the waste of billions under Bush and Obama as “stimulus” funds. I agree with the need to raise taxes but I have little faith in the Obama Administration or Congress in using such money responsibly. You do not get to a point of borrowing virtually half of every dollar spent without a complete lack of leadership and responsibility. Even if this figure falls, the point is that Congress still makes hundred million dollar gifts to wealth countries without a sound of objection or concern. Yes, all countries borrow money but we have a massive debt and continues to grow — an politicians who pledge to be more responsible in the future. The need for revenue is likely to change but not the need for responsibility in Washington.

Source: Washington Times