Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/14/2012 (3 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 (3 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'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Politics & Policy

Trump, Sanders win with commanding leads in New Hampshire - but what happens next? Watch

Image of Trump and Sanders easily won the New Hampshire primary with large margins.

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

Both Trump and Sanders are riding high this morning following stunning victories in New Hampshire. Republicans reported massive turnout, shattering any previous turnout record. LOS ANGELES, CA (California Network) - The New Hampshire primary has finished with Donald ... continue reading


Deal with the Devil or practical politics? Is there a pro-life case for Bernie Sanders? Watch

Image of Would a pro-life strategy that involves Bernie Sanders be a deal with the devil, or a practical strategy?

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

A lot of Catholics like Bernie Sanders. Recently, we saw an outpouring of support of the candidate in the comments under an excellent article written by Deacon Keith Fournier. Many Catholics appreciate Sander's stance on some social issues - after all, he is a ... continue reading


Bernie Sanders surprises many with sudden surge in New Hampshire Watch

Image of Maintaining a low profile for presidential candidate Bernie sanders is more difficult now, as he comes to the forefront. Photo courtesy of Reuters.

By Catholic Online (CALIFORNIA NETWORK)

Seen by many as a humble Senator with big ideas, the relatively unknown, until recently, Bernie Sanders seemed at first to pose no threat to Hilary Clinton for the Democratic nomination in the 2016 presidential race. That has changed noticeably - Sanders is ... continue reading


What's going on with the New Hampshire primary? Watch

Image of New Hampshire kicked off the primaries this year and so far Bernie Sanders is in the lead (iStock).

By Kenya Sinclair (CALIFORNIA NETWORK)

The first votes have been cast in the New Hampshire primary. In keeping with tradition, the voting began at midnight, as it has for every primary since 1960.  LOS ANGELES, CA (Catholic Online) - Today marks the beginning of an exciting political shift in the ... continue reading


CURTAIN CALLED: GOP debate starts hilariously as candidates fail to appear on cue Watch

Image of When candidates Marco Rubio and Jeb Bush's names were announced, the two men were still blocking their way. Sneaking past, Jeb grinned and bumped Donald Trump. Photo courtesy of ABC News.

By Catholic Online (CALIFORNIA NETWORK)

It is a bit trivial to say about such an important event - but the GOP presidential debate in New Hampshire this weekend could have done with a bit more rehearsal. Candidate Ben Carson came out too early, Donald Trump stood with Carson, and candidates Marco ... continue reading


'Faith is the great cure for fear': Obama speaks at annual National Prayer Breakfast in WA Watch

Image of At the annual National Prayer Breakfast, Obama spoke against Muslim stereotypes and hatred (AP).

By Kenya Sinclair (CALIFORNIA NETWORK)

During the annual National Prayer Breakfast in Washington, President Barack Obama spoke of God, fear and love. LOS ANGELES, CA (Catholic Online) - At the breakfast, both Democrats and republicans set aside their differences to build relationships based on their ... continue reading


After Iowa fail, Donald Trump vows to 'beat the ____ out of ISIS' Watch

Image of Many noted that Donald Trump seemed unusually subdued in New Hampshire. He claimed that he remained optimistic after his second place finish in the Iowa primary. Photo courtesy of Reuters.

By Catholic Online (CALIFORNIA NETWORK)

While he faced defeat in the Iowa caucuses, GOP presidential candidate Donald Trump was full of his usual bluster in New Hampshire. Never one to mince words, he vowed to "beat the ___ out of ISIS" if he was elected president. LOS ANGELS, CA (Catholic Online) - ... continue reading


'Ted Cruz didn't win Iowa, he stole it': Trump furiously rants on Twitter about Cruz's win demanding a new Iowa 'election' Watch

Image of Donald Trump calls for a new election or to nullify Cruz's results (Reuters).

By Thomas Heed (CALIFORNIA NETWORK)

When news of the Cruz campaign "mistake" concerning Ben Carson at the Iowa caucus reached Donald Trump, he was furious. The business tycoon took to Twitter to call for a new election or to nullify Cruz's results. LOS ANGELES, CA (Catholic Online) - Despite his initial ... continue reading


Republican Candidate Drops Out of Presidential Race: But who was it? Watch

Image of

By Abigail James (CALIFORNIA NETWORK)

Following a disappointing show in the Iowa caucus, with only 4.5 percent of the votes, Kentucky Senator Rand Paul has officially dropped out of the 2016 presidential race. LOS ANGELES, CA (Catholic Online) - "It's been an incredible honor to run a principled campaign ... continue reading


Political sabotage: Ted Cruz pleads GUILTY to wronging Ben Carson at Iowa caucus Watch

Image of Ted Cruz admitted his campaign started the lie that Ben Carson was dropping out of the race prior to the Iowa caucus (NY Times).

By Thomas Heed (CALIFORNIA NETWORK)

In a shocking admission, Ted Cruz admits his staff spread rumors of Ben Carson dropping out of the runnings just before the Iowa caucus voting began. LOS ANGELES, CA (Catholic Online) - As previously reported, the Iowa caucus was filled with surprises that included ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, Deuteronomy 26:4-10
4 'The priest will then take the basket from your hand and lay it before ... Read More

Psalm, Psalms 91:1-2, 10-11, 12-13, 14-15
1 You who live in the secret place of Elyon, spend your nights in the ... Read More

Gospel, Luke 4:1-13
1 Filled with the Holy Spirit, Jesus left the Jordan and was led by the ... Read More

Reading 2, Romans 10:8-13
8 What does it say, then? The word is very near to you; it is in your ... Read More

Saint of the Day

Saint of the Day for February 14th, 2016 Image

St. Valentine
February 14: Click Here for St. Valentine Prayer's Saint ... Read More