Let's revisit the timeline.
Summer 2011 - Debt ceiling crisis. The government was about to shut down. So an agreement was made for a Super Committee to make cuts - and if they didn't make cuts by Nov. 23rd - then the defense budget would be cut along with other cuts in spending - a total of $1.2 trillion spread out over 10 years - which is virtually nothing.
However, the budget cuts were kicked back to 2013 - which is subject to a new Congress. Does anyone believe that they will hold to this "mandate"?
So basically, the debt increase was done with no corresponding spending cuts. And now it's time for more.
We are at 100% of debt to GDP - that's $15 trillion - and that's federal debt without Fannie, Freddie, student loans, etc. Taxable income to government is around $2.5 trillion. Our debt is 6 times our yearly tax revenue - and that's just the principal, interest not included.
Do you realize that we have spent
$29 trillion in bailing out the country?
Bailout Total: $29.616 Trillion Dollars
We expect this from the left - but the House changed hands in order to stop this - and we get nothing. We can't keep this up. Somebody in Congress has to take a firm public stand on this. The public needs to contact their Representatives. We will implode if we don't change course and stop spending money that does not exist.
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