The Congressional Budget Office said today that the federal government shortfall would rise to $199 billion this year from $158 billion last year — even without any of Mr. Bush’s new tax or spending proposals.
So WITH the war, tax cuts and spending increases, we might be looking at a $300-400 billion deficit THIS year.
That means that next year, and every year thereafter, we will have to pay somewhere from, $10-30 billion to cover the interest on THIS YEAR’S borrowing, depending on interest rates. That is a HUGE spending increase. And the following year the spending will INCREASE again, because of THAT year’s deficit.
Want to talk about where that money goes? Who GETS that $10-30 billion? How much control over U.S. policy will they be buying?