1099 results for search: Deb


National debt to soar to 77 percent of U.S. gross domestic product by end of fiscal year

Spendthrifts in Washington, D.C. by the end of September will have sent our national debt soaring by three percentage points to 77 percent of gross domestic product, the greatest ratio of debt-to-GDP we’ve seen since 1950 when we were still paying down debt from World War II. The Washington Examiner has the scoop: The agency projected that the debt held by the public will rise 3 percentage points to 77 percent of U.S. gross domestic product by the end of fiscal year 2016 in September. Debt has not hit that ratio since 1950, when the government was still in the middle of paying down the debt it incurred paying for World War II. Over the ...

Calif. Rep. McClintock: U.S. national debt is ‘out of control’

U.S. Rep. Tom McClintock during a recent speaking engagement in El Dorado Hills, California underscored how severely in the hole our nation is from a financial perspective – something we’ve known for years but need Congress to act on right away. The Folsom Telegraph has the details: “Spending is out of control,” he said. The National Debt is at $20 trillion and growing, he said. In 10 years there won’t be funding for Medicare and Social Security will be bankrupt in 17 years if “we stay on the same trajectory,” McClintock said… McClintock said that “entitlement programs” cost $1 trillion a year. Examples of entitlement ...

U.S. News & World Report: U.S. ‘dangerously’ in debt

The U.S. has only to look at other nations’ financial crises to see what’s in store for us if Congress doesn’t tackle our mushrooming national debt, says one economic expert. U.S. News & World Report has the details: Recent research shows that economic growth is even more vital for a nation's ability to sustain its public debt than economists used to think. Statistical analyses reveal that many debt crises in emerging economies have been caused by declines in growth. In advanced economies, the largest increases in debt ratios occurred when policymakers mistook a prolonged decline in growth for a temporary recession, and failed to cut ...

Congressional Budget Office: U.S. federal debt in 2035 projected to exceed historic high

The U.S. federal debt is ballooning and expected to exceed U.S. gross-domestic product by 2035 – a bleak projection that even has officials at the Congressional Budget Office admitting that, if something isn’t done to curb the nation’s financial woes, our debt could soon spell worldwide financial disaster. The Hill has the details: The United States is less than two decades away from exceeding its highest recorded level of federal debt, according to the non-partisan Congressional Budget Office (CBO). The CBO projects that U.S. federal debt will pass 106 percent of the country's gross domestic product (GDP) by 2035, in its second long-term ...

Former Senate Budget Committee Chairman: ‘It is still possible to stabilize our debt … so long as we fix our fiscal policy’

Former New Hampshire Governor and former U.S. Senator Judd Gregg in a recent column notes our national debt keeps ticking up, more than doubling from $8 trillion 10 years ago to now more than $18 trillion, and the number will continue to climb with disastrous effect unless our political leaders take decisive action and start trimming the fat. The Hill has the commentary: If we keep on our current spending and deficit path, our debt will have tripled by the midpoint of the next decade. We will have a debt-to-GDP ratio by then that will be in the same ballpark as Greece, Spain and Iceland today. What does this all mean? No one really knows ...

Senator: National debt under President Obama is ‘nothing short of reckless’

Standing at more than $19 trillion, U.S. national debt has nearly doubled during President Obama’s seven years in office – a number that should cause our commander in chief to sound the alarm, not shrug it off. Read Sen. Coats’ comments: In his final State of the Union address earlier this year, President Obama stated that he wanted “to focus on the next five years, the next 10 years and beyond.” But throughout his remarks, he failed to discuss one of the most important issues our country faces in the coming years: our $19 trillion national debt. Despite all the financial obligations that will eventually come due in the “beyond” ...

Columnist: Obama’s proposed budget would result in a national debt that by 2026 is 77 percent of GDP

Investor’s Business Daily Columnist John Merline breaks down the economic impact of President Obama’s proposed last budget as commander in chief noting it will increase taxes and balloon spending so much so that our debt will be more than three-fourths of our gross domestic product. Read John Merline’s analysis: According to the [Congressional Budget Office], Obama’s budget would, if implemented, boost taxes by $2.8 trillion and increase spending by $401 billion over the next 10 years. While it would trim 10-year deficits somewhat, annual deficits would climb every year after 2018, from $383 billion that year to nearly $1 trillion by ...

Sen. Mike Lee: ‘Saddling future generations with a debt burden of this size … fiscally irresponsible’

Americans have had to tighten their belts over the last seven-plus years but not so for Congress – members of which have been on an out-of-control spending spree that has to stop, says Sen. Mike Lee (R-Utah) in a recent column. Read Sen. Lee’s comments below: Nearly everyone in America understands what it means—and what is required—to live within a budget. Regardless of zip code or economic status, most people can spend only as much as they earn. One person’s paycheck may be twice the size as his neighbor’s, but neither may continually spend beyond their means… Currently, the total national debt hovers just above $19 trillion, ...

Here’s how much debt the American family would be in if they spent like Washington

Researchers at the Heritage Foundation determined that the average American family would be $260,000 in debt and routinely spending in excess of their annual income if they were as fiscally irresponsible as lawmakers in Washington. The Daily Signal has the scoop: If a typical American family ran their household how the federal government spends taxpayer dollars, they would spend their entire yearly income without saving a cent and then put $7,000 on their credit card. On top of that, this family would be $260,000 in debt. Mind you, this is simply debt, not a mortgage or business investment. Neither would this family have a plan to pay off its ...

Columnist: Average family share of national debt is $800,000

“American Exceptionalism Radio” host Chriss Street in a recent column points out that the American family’s share of our national debt – when including unfunded liabilities like social security, government pensions, entitlement spending, etc. – stands at a mind-blowing $800,000. Breitbart has the story: Despite average savings per American family of just $9,149, the average family’s share of the $65 trillion federal debt is $796,589, according to the U.S. Debt Clock. To pay off their share of all federal debts as if it were a 30-year mortgage at a 4.5 percent interest rate, each American family would need to make a $4,036.19 payment ...