$11.6 Trillion and Counting...

Posted: Feb 24, 2009 5:50 PM
You've heard me recount a Bloomberg report that said with the passing of the economic stimulus package, you the taxpayer-- will be on the hook for $9.7 trillion dollars in total government commitment to carry out all the economic bailout/stimulus/relief plans of the past year.

This is what Bloomberg reported earlier this month:

"The $9.7 trillion in pledges would be enough to send a $1,430 check to every man, woman and child alive in the world. It’s 13 times what the U.S. has spent so far on wars in Iraq and Afghanistan, according to Congressional Budget Office data, and is almost enough to pay off every home mortgage loan in the U.S., calculated at $10.5 trillion by the Federal Reserve."

Well, now it's gotten even worse. In just two weeks, Bloomberg has been forced to revise its analysis and increase that burden by almost $2 trillion. Bloomberg issued another report today that now raises the federal commitment to $11.6 trillion. That's real money, money that future generations have to pay for.

The spending spree has to stop, and I've joined with House Republicans in calling for a spending freeze. If families across America are tightening family budgets and cutting expenses, Washington must learn to do the same.