The views expressed by contributors are their own and not the view of The Hill

When Is Enough Spending Going to be Enough (Rep. Ed Royce)

The Democrat Leadership’s 2010 budget calls for an unprecedented $3.5 trillion in spending and results in trillion dollar deficits for years. Except for World War II, these are the highest spending levels in U.S. history.

During a recent financial services hearing I questioned the Chairman of the Federal Reserve Ben Bernanke about massive government spending. He assured me that I was “right to be concerned about the debt and the deficits” and commented that, “Obviously, trillion dollar deficits as far as the eye can see would not be sustainable.”

The lack of sustainability in the Democrat Leadership’s budget is seriously concerning. The non-partisan Congressional Budget Office says, “Debt held by the public would rise, from 41 percent of GDP in 2008 to 57 percent in 2009 and then to 82 percent of GDP by 2019.”

Among the lengthy list of troubles this unchecked spending brings is the borrowing of hundreds of billions from China, the Middle East, and other nations that own our growing debt.

What does this mean for our children and grandchildren when the best our government has to offer is a $3 trillion dollar proposal on top of a trillion dollar deficit and a trillion dollar stimulus?

When Americans are tightening their belts, shouldn’t the federal government also? When is enough spending going to be enough?

Video of Rep. Royce Questioning Bernanke

Tags Business Deficit reduction in the United States Economic policy Economy of the United States Fiscal policy Government Government budget deficit Late-2000s financial crisis Politics Public economics Public finance United States public debt

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Regular the hill posts

Main Area Top ↴

THE HILL MORNING SHOW

Main Area Bottom ↴

Most Popular

Load more