Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Investing

Congress Set to Boost Federal Debt $5 Trillion

by May 14, 2025
May 14, 2025
Congress Set to Boost Federal Debt $5 Trillion

Chris Edwards

America is facing an unprecedented debt and spending crisis … our current fiscal path is unsustainable and dangerous, jeopardizing our nation’s economic growth, stability and the security of future generations. Congress has a moral and constitutional duty to resolve the crisis, bring spending under control, balance the federal budget, reform and modernize entitlement programs, eliminate fraud, waste and abuse.

That is Speaker Mike Johnson’s (R‑LA) “fiscal responsibility” promise on his website. Yet he is leading Republicans down an irresponsible path with the reconciliation bill moving through the House. The bill would increase federal debt substantially over the coming decade, even beyond the crisis levels in the Congressional Budget Office (CBO) baseline.

The House plan has a net tax cut of about $6 trillion over 10 years, including interest costs and assuming temporary breaks become permanent. And it has net spending cuts of somewhat more than $1 trillion with interest savings. If that is the final package, federal debt held by the public will soar from $30 trillion this year to about $55 trillion by 2034—$5 trillion more than under the baseline. 

In 2023, House Majority Leader Steve Scalise (R‑LA) complained about “President Biden’s runaway spending and America’s debt crisis” [and] “called out the Biden Administration for feeding the national deficit at an unsustainable level by failing to control federal spending.” 

In 2022, House Majority Whip Tom Emmer (R‑MN) said, “Our fiscal trajectory as a nation is unsustainable and threatens the future of our children and grandchildren. We can still change course, but we must act now.”

Today, federal debt is already trillions higher than the “crisis” and “unsustainable” levels that Scalise and Emmer worried about.

The Republicans should slow down, add broad-based spending cuts to the reconciliation bill, scrap the proposed new tax loopholes, and tackle federal debt as they have promised. The Big Beautiful Bill should be reworked to tackle the government’s Baleful Bloated Budget.

0
FacebookTwitterGoogle +Pinterest
previous post
House GOP moves Trump’s agenda forward after all-night committee debate
next post
Whether Someone Wants Fluoride or Doesn’t, The Government Should Not Make That Decision for Them

You may also like

Utah’s Fluoride Ban: A Win for Medical Autonomy

March 12, 2025

Congress Should Demote the DOE and Unleash LNG...

February 2, 2024

The AI Action Plan: The Risks of Federal...

August 25, 2025

Freedom of Speech Is Worth Celebrating, as Europe...

July 3, 2025

When Hayek Came to Cato

December 1, 2023

Congress’s Shade on Suspended Solar Duties Shines Light...

May 8, 2023

Hearing Remarks: Protecting American Families from Higher Taxes

May 18, 2023

War of *Whose* Choice?

June 21, 2025

Will Oregonians Strangle Drug Decriminalization Right After Its...

September 20, 2023

Friday Feature: Integrative Learning Academy

January 10, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Intel rival SkyWater pitches itself as all-American firm as Trump mulls more equity deals

      August 26, 2025
    • 600,000 Chinese Students Would Be a Windfall for the United States

      August 26, 2025
    • EPA urged by state AGs to axe funds for ‘radical’ climate project accused of training judges

      August 26, 2025
    • ‘Doctor Strangelove with a mustache’: Bolton blasted for ‘profiteering’ off US secrets by White House advisor

      August 26, 2025
    • Bolton may be in hot water as FBI investigation expands beyond controversial book

      August 26, 2025
    • New Cato Paper: Immigrants Cut Victimization Rates, Boost Crime Reporting

      August 26, 2025

    Categories

    • Business (8,886)
    • Investing (2,242)
    • Politics (16,494)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved