Our nation's debt, which is the money owed by our government, currently sits at the highest it's been in our nation's history, at $11.7 trillion. Couple that with our rising deficit which has well exceeded $1 trillion (another record) and is on its way to $2 trillion fast, and our debt becomes a far less attractive purchase to other nations. That could force the U.S. to pay higher interest rates in order to sell our debt abroad. We will soon be confronted with the growing threat of higher interest rates, rising inflation, and a weakened dollar – all dismal economic scenarios.
I’ve said all along, every responsible American family knows that you pay back your loans before you take out new ones. Unfortunately, Washington needs to be reminded. It’s long past time for Congress to stop talking about tough decisions and start making them.