Bipartisan Agreement on Adding Billions to the National Debt
Treasury: $184 Billion in Deficit Spending in 2014 So Far
(Washington, D.C.) – The House of Representatives and the U.S. Senate have approved legislation to suspend the U.S. Debt Ceiling until March 2015, allowing the government to continue borrowing and spending without incident. It is expected that between now and the time the Debt Ceiling again takes effect, the U.S. will add more than $500 billion to a debt that already exceeds $17 trillion. In the first 4 months of the current budget year, the government has added $184 billion to the deficit, according to a Treasury Department report today.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
"Sadly, rhetoric rarely matches reality in Washington. So it's no surprise that even as elected officials pat themselves on the back for 'reducing the deficit' or 'limiting' spending, our national debt continue to grow. With little debate, Congress has voted to lift the debt limit until March, 2015. The result will be about a half trillion dollars in new debt – which will be passed down to our children and grandchildren.
In the last 5 years the United States has added nearly $7 trillion to our national debt. It's far past time for Washington to adopt a realistic, bipartisan spending plan – one that cuts waste and spends only what the taxpayers can afford. By curbing deficits and limiting costly regulations, we can encourage economic growth, and begin to reduce the heavy debt burden we are passing on to the next generation."