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09 April 2010

The CBO Tells Us What We Already Know: We Must Get Spending Under Control

Fiscal conservatives take note.

The director of the nonpartisan Congressional Budget Office (CBO) says America's current fiscal policy is "unsustainable."

“U.S. fiscal policy is unsustainable, and unsustainable to an extent that it can't be solved through minor changes,” Congressional Budget Office (CBO) Director Douglas Elmendorf told reporters at a Christian Science Monitor breakfast.

Spending on Medicare, Medicaid and Social Security, plus defense programs and debt interest, will exceed the rest of the federal budget in 10 years if most of the 2001 and 2003 tax cuts are extended, as President Barack Obama has proposed, Elmendorf said.

The CBO projects that Obama's policies would produce deficits averaging nearly $1 trillion for the next decade.

Alarkon, Walter (2010-4-8). Congressional budget office: Fiscal policy is 'unsustainable'. The Hill. Retrieved on 2010-4-9.

The national debt currently sits at $12.7 trillion. The Congressional Budget Office says that if we don't get spending under control, the national debt will rocket to more than $20 trillion by the end of the decade.

That is unacceptable.

We are spending money we do not have, and it is high time for fiscal conservatives to more actively assert themselves so that the country can get this spending under control.

To pull a line from Democrats.org, " We will must maintain fiscal responsibility, so that we do not mortgage our children's future on a mountain of debt."