Inching toward calamity
To the Editor:
Republicans and Democrats again are at loggerheads on passing a budget and agreeing on what spending and revenues should be in the new budget, which, by law, is supposed to be passed by Oct. 1.
We have a national debt that will exceed $17 trillion by 2014, yet some Republicans and most Democrats want to reduce the $100 billion in cuts that went into effect as a result of sequestration. If the members of Congress that masquerade as our representatives can’t even agree on cuts of $100 billion when we have a debt of $17 trillion, then a fiscal calamity is sure to happen in the near future.
Even with low interest rates, it costs the government $350 billion a year to service the interest on the national debt. Here is what I predict will happen: Congress will kick the can down the road again and pass an omnibus spending bill that will do little, if anything, to reduce spending and increase revenues. As a result, the country will inch even closer to a fiscal calamity.
Can it be avoided? Yes, but unfortunately not with the current members of Congress, who, for the most part, have been bought and paid for by big money and other special interest groups.