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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for May 2015
Universal:
That, rejecting the culture of indifference, we may care for our neighbours who suffer, especially the sick and the poor.
Evangelization: That Mary's intercession may help Christians in secularized cultures be ready to proclaim Jesus.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Politics & Policy

Former House Speaker Dennis Hastert indicted on bank charges Watch

Image of Dennis Hastert reportedly agreed to pay this individual, who authorities did not identify, a total of $3.5 million.

By Catholic Online (NEWS CONSORTIUM)

Many questions continue to swirl about the indictments faced by former U.S. House Speaker Dennis Hastert. The 73-year-old Hastert is facing bank charges brought against by federal prosecutors. LOS ANGELES, CA (Catholic Online) - Hastert is accused of illegally ... continue reading


Has Christianity become public enemy number one? Christianity faces 'real and present danger' Watch

Image of Christians continue to fight for the traditional values that built the country.

By Matt Waterson (NEWS CONSORTIUM)

Republican Presidential hopeful Senator Marco Rubio has claimed that in the United States, Christianity is facing a "real and present danger" because of the constant shifting of American values. LOS ANGELES, CA (Catholic Online) - The growing acceptance of gay ... continue reading


Thirteen cases that will dramatically change the American way of life stand before Supreme Court Watch

Image of Heading into the final month of its annual term, the Supreme Court will need to render decisions on 13 very important cases that will dramatically affect the American way of life.

By Catholic Online (NEWS CONSORTIUM)

Heading into the final month of its annual term, the Supreme Court will need to render decisions on 13 very important cases that will dramatically affect the American way of life. The high court will decide whether same-sex couples have a right to marry ... continue reading


Mysterious company without assets plays role in Clinton's fortunes Watch

Image of In the meantime, the identities of several U.S. and foreign-based companies that Bill Clinton worked for have been disclosed in Hillary Clinton's recent financial report.

By Catholic Online (NEWS CONSORTIUM)

A mysterious company called WJC, LLC without assets or employees has been discovered in the financial files of Bill and Hillary Rodham Clinton. The former president has legally used the company to provide consulting and other services. This fact demonstrates ... continue reading


Obama's use of social media points to cozy relationship between White House, Silicon Valley Watch

Image of Recognized as the first American president of the social media age, Obama has already established a standard for how politicians connect with a digitally savvy electorate.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama was swept to victory in an age of tweets, Facebook, texting and social media. While this has gotten the vote out to younger members of the electorate, there are concerns that the instant gratification of the electronic age is trivializing ... continue reading


President Obama's domestic policies under heavy legal scrutiny Watch

Image of Many of President Obama's social policies may not stand up to scrutiny in a court of law.

By Catholic Online (NEWS CONSORTIUM)

United States President, Barack Obama will be leaving office in January of 2017. When we consider his legacy he leaves to the nation, we must take into account that many of his domestic policies - such as those on same-sex marriage, Obamacare and immigration ... continue reading


Obama radically reformed an important American system -- and you didn't even realize it! Watch

Image of

By Abigail James (NEWS CONSORTIUM)

While President Obama's constantly "reforms" areas of our legislation and laws, the traditional patent law has taken a hit. Although most Americans know very little and don't care very much about patent laws, the effect these changes will have on innovative America can ... continue reading


Democrats break ranks with Obama over secret trade bill Watch

Image of Senator Elizabeth, the Senior Democratic Senator from Massachusetts, is leading a bill which would force President Obama to be transparent in regards to his secret trade bill which only Congressional members may review.

By Matt Waterson (NEWS CONSORTIUM)

President Obama's secretive trade bill is coming under fire from some unlikely sources, namely Democratic Senators Joe Manchin (WV) and Elizabeth Warren (MA), who are both leading the charge for immediate consideration of a bill that would require the contents of ... continue reading


ISIS, IRAN, OBAMACARE: President Obama's legacy - very slim indeed! Watch

Image of A very nonplussed looking president, indeed.

By Catholic Online (NEWS CONSORTIUM)

United States President Barack Obama will be out of office shortly. How will historians judge him? Not too well, according to New York Post columnist John Podhoretz. "After the failure of the Arab Spring, the collapse of Libya, the failure to act on his ... continue reading


CREDIT WHERE IT'S DUE? Hillary Clinton had 'Leadership, Ownership, Stewardship' of Libyan policy 'from start to finish' Watch

Image of State Department Director of Policy and Planning Jake Sullivan and Secretary of State Hillary Clinton and President Barack Obama at the U.S.-ASEAN meeting in Cambodia on Nov. 20, 2012.

By Catholic Online (NEWS CONSORTIUM)

According to one of her top aides, former Secretary of State Hillary Clinton had "leadership/ownership/stewardship of this country's Libya policy from start to finish." That claim came in an email written by one of Clinton's top aides. The message was forwarded ... 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, Sirach 44:1, 9-13
1 Next let us praise illustrious men, our ancestors ... Read More

Psalm, Psalms 149:1-2, 3-4, 5-6, 9
1 Alleluia! Sing a new song to Yahweh: his praise in ... Read More

Gospel, Mark 11:11-26
11 He entered Jerusalem and went into the Temple; and ... Read More

Saint of the Day

Saint of the Day for May 29th, 2015 Image

St. Maximinus of Trier
May 29: Bishop of Trier, Germany, from 332, and a miracle worker. He was ... 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