Others like the Heritage Foundation find that the President’s budget will likely produce $13 trillion in deficit spending over the next 10 years--nearly $4 trillion more than the Administration forecast. Why is that? Well, according to Heritage, “the White House figures are based on unrealistic estimates of discretionary spending, interest payments, and interest rates. The White House also used budget gimmicks to hide the full cost of certain entitlements and failed to account for the full costs of cap-and-trade energy legislation and health care reform.”
But regardless of whether it is $9 trillion or $13 trillion, it’s a heck of a lot of money we don’t have. And our nation’s debt now sits at well over $11 trillion, closer to $12 trillion, actually, the highest it’s ever been in our nation’s history.
I’ve made an update to my congressional website and have posted a debt clock so you can see for yourself the way our government is recklessly spending so much of your hard-earned money. If our federal government doesn’t kick its spending addiction, our nation will be in a world of trouble. And its future generations that will pay the price.