Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/14/2012 (2 years ago)

Catholic Online (www.catholic.org)

You may not mind the national debt, but your kids will.

Whip out the Congressional Express Card, we've got bills to pay - later. The federal government is on track to achieve its fifth $1 trillion deficit in a row starting with a $120 billion shortfall for October. That figure is 22 percent higher than it was last October.

Congressional Express Card, never visit Washington without it.

Congressional Express Card, never visit Washington without it.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/14/2012 (2 years ago)

Published in Politics & Policy

Keywords: Congressional Express, Obama, deficit, trillion, debt, national, ceiling, credit


WASHINGTON, D.C. (Catholic Online) - The rising deficit puts added pressure on Obama and Congress to work together to come up with a deficit reduction plan before the nation falls off the proverbial "fiscal cliff" in January.

If Congress cannot reach a debt deal before then, a blend of draconian spending cuts will take automatic effect, possibly triggering another recession.

Obama's record on spending is lavish. Only in the past four years has the nation seen annual trillion dollar deficits. These deficits are added to the national debt.

The deficit, to put it simply, is the balance due on the national credit card. Just like a household with a credit card, the plastic can be used in emergencies to cover unexpected bills. However, deficit spending has just become another way of financing the government which continues to spend well beyond its means.

The money the government borrows to deficit spend must be repaid, albeit later and with interest. This has the effect of sticking the next generation with the bill. Deficit spending provides money for wars, welfare, and tax cuts today, but will mean less money for everything in a decade or two.

While today Americans enjoy generous benefits from the government, a robust military, and hefty tax breaks, these will be paid back by the next generation.

The challenge then, is for the government to make tough cuts by carefully managing programs which are essential to national welfare and eliminating others that are more discretionary.

Unfortunately, which programs are deemed essential is a question of opinion, one which proves divisive between Republicans and Democrats in Congress. Nobody is willing to sacrifice their constituents' favorite programs.

Meanwhile, the fiscal cliff, could undo the Gordian Knot by triggering automatic tax increases as well as deep spending cuts. The problem of course, is the risk of recession. Going over the cliff will almost certainly trigger a recession, at least through the first half of 2013. Recessions are expensive for national governments, who must now care for the millions of unemployed and hungry.

Even if the government can agree to spending cuts and tax increases and a recession is avoided, the national deficit is still expected to grow by about $1 trillion.

Congress must grapple with this issue as well as the debt ceiling, which will be reached, coincidentally, by the end of December. The limit on the national credit card is $16.39 trillion.

Using a rough estimate of 300 million citizens, that puts the bill for every American citizen around $55,000. And eventually it must all be repaid, with interest.

Good luck, kids!

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for November 2014
Lonely people:
That all who suffer loneliness may experience the closeness of God and the support of others.
Mentors of seminarians and religious: That young seminarians and religious may have wise and well-formed mentors.



Comments


More Politics & Policy

The Immigration Conflagration and the Dangers of a Benevolent Dictator

Image of

By Keith A. Fournier

There is no question that comprehensive immigration reform is needed. Most people acknowledge this as a fact. However, the truth is President Obama could have participated in such reform, and he knows it, by working with the 114th Congress which will soon be sworn ... continue reading


Running out the door, Republicans too busy with Thanksgiving to address laws Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

With Thanksgiving turkeys dancing in their heads, many Republican lawmakers are running out the door in lieu of considering a plethora of new legislation. Republican members have discussed resolutions of disapproval and censure. One unnamed lawmaker was ... continue reading


The TOP 10 list of countries where slavery is most prevalent. DO YOU BENEFIT FROM SLAVERY? You might be shocked! Watch

Image of Poor Haitians are commonly enslaved by wealthier family members.

By Catholic Online (NEWS CONSORTIUM)

Last week it was announced that some 36 million people around the world live in slavery, a number that is higher than at any time in history. While most Americans feel that slavery is a distant problem, which has little or no effect on their lives, the sad fact is that ... continue reading


Raking in the dough: Obamacare 'architect' worth millions Watch

Image of Jonathan Gruber has a lucrative connection with the Department of Health and Human Services.

By Catholic Online (NEWS CONSORTIUM)

Jonathan Gruber's good fortune would make lots of college students change their majors to economics. The Massachusetts Institute of Technology, along with his firm Gruber Microsimulation Model has raked in millions. Gruber's chief function is estimating the ... continue reading


Why have Republicans betrayed us to the most anti-life president in history? Mark Levin has an idea Watch

Image of Mark Levin is a Constitutional scholar and commentator.

By Catholic Online (NEWS CONSORTIUM)

Two weeks ago, the American people spoke and sent a message to Obama that we did not approve of his style of leadership. Americans gave control of both the House and Senate to Republicans with a clear mandate to put a stop to the rule of the most anti-life, ... continue reading


Reaping what is sown: No immigration reform hurt Democrats in midterms, former president Clinton says Watch

Image of Speaking in an interview with POLITICO's Mike Allen, Clinton was celebrating the 10-year anniversary weekend of the opening of his presidential library in Little Rock.

By Catholic Online (NEWS CONSORTIUM)

A lack of action may have cost President Obama and the Democratic Party big time, former President Bill Clinton says. The Republican victory at midterms earlier this month may have been the result of a lack of action on immigration reform. Clinton says that ... continue reading


'Mook Mafia' said to be heading Hillary Clinton's run for president Watch

Image of Mook is a word used to describe an underling or person with limited intelligence who does as he was told by higher-ups.

By Catholic Online (NEWS CONSORTIUM)

As coined in the 1974 Martin Scorsese film, "Mean Streets," "mook" is the term used by Italian Americans used to denote a "loser." In later years, mook became known as a word used to describe an underling or person with limited intelligence who did as he was ... continue reading


United Nations takes United States to task for legalizing marijuana Watch

Image of The United Nations is taking some states in the United States for legalizing or decriminalizing marijuana use. The U.N. anti-narcotics chief says that these measures are not in concert with international drug conventions.

By Catholic Online (NEWS CONSORTIUM)

The United Nations is taking some states in the United States for legalizing or decriminalizing marijuana use. The U.N. anti-narcotics chief says that these measures are not in concert with international drug conventions.  LOS ANGELES, CA (Catholic Online) ... continue reading


Federal health care officials scramble to bring health care Web site up to snuff Watch

Image of Throttling would detect overloads sooner and be more efficient than the one long online line federal officials devised last winter. This led to the dreaded

By Catholic Online (NEWS CONSORTIUM)

While the Obama administration is confident that HealthCare.gov is far more adept this time around in time for open enrollment, there are signs that officials are drawing up contingency plans for any eventuality. These plans will hopefully readily address the ... continue reading


California's Willie Brown advises Hillary Clinton not to bother with presidential run - you will Lose Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Serving two terms as the mayor of San Francisco, longtime Democrat and California politician has some sage words of advice for Hillary Clinton when it comes to a presidential run in 2016: Don't bother, as you won't win. LOS ANGELES, CA (Catholic Online) - ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ezekiel 34:11-12, 15-17
11 "For the Lord Yahweh says this: Look, I myself ... Read More

Psalm, Psalms 23:1-2, 2-3, 5, 6
1 [Psalm Of David] Yahweh is my shepherd, I lack ... Read More

Gospel, Matthew 25:31-46
31 'When the Son of man comes in his glory, escorted ... Read More

Reading 2, First Corinthians 15:20-26, 28
20 In fact, however, Christ has been raised from the ... Read More

Saint of the Day

Saint of the Day for November 23rd, 2014 Image

Bl. Miguel Pro
November 23: Born on January 13, 1891 in Guadalupe, Mexico, Miguel Agustin ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter