CBO: U.S. Debt Skyrockets to a 50 Year High

The Congressional Budget Office just dropped a budget update on Washington, and it’s not good. The U.S. government is spending recklessly—and Obamacare is adding fuel to the fire.

The new report comes at a crucial time, as negotiations over the debt limit are starting up again. Here are some basics to help you cut through all the political spin.

What is the debt limit?

Yes, it’s the legal limit on federal government borrowing—but the debt limit is a wake-up call. It’s a chance for Congress and the President to stop the spending insanity.

Government spending is accelerating with no end in sight as long as entitlement programs keep expanding.

CBO_debt

Entitlement spending is the biggest driver of skyrocketing debt. In only 10 years, Social Security, Medicare, and Medicaid will devour half of the federal budget.

Of course, Obamacare’s new entitlements only add to this mess. Think health care spending is out of control now? “Obamacare is the single biggest factor driving the growth in mandatory health care spending over the next decade,” warns Heritage expert Alyene Senger. The insurance exchanges, the Medicaid expansion… it’s all adding to our spending problem.

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About Albert N. Milliron 6989 Articles
Albert Milliron is the founder of Politisite. Milliron has been credentialed by most major news networks for Presidential debates and major Political Parties for political event coverage. Albert maintains relationships with the White House and State Department to provide direct reporting from the Administration’s Press team. Albert is the former Public Relations Chairman of the Columbia County Republican Party in Georgia. He is a former Delegate. Milliron is a veteran of the US Army Medical Department and worked for Department of Veterans Affairs, Department of Psychiatry.

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