President Trump revealed Monday that “compromise” bipartisan budget deal has been agreed upon, and it will boost federal spending by $320 billion and suspend the debt ceiling beyond the next presidential election.
Yahoo News reported, “The agreement raises the discretionary spending caps for fiscal years 2020 and 2021, pairing it with a suspension of the statutory debt ceiling until the end of July 2021, nearly nine months after the 2020 election.”
In other words, the government will be increasing in size by $320 billion dollars, that we cannot afford, while kicking the can down the road so we do not have to face the reality of the unaffordability of our government. The “compromise” is expected to push the annual budget deficit to more than $1 trillion next year.
Regularly we hear how detrimental it would be for the United States to default on its debt, which ostensibly necessitates an increased debt ceiling. While defaulting on our debt would obviously be bad, we should move to reduce that debt. The solution is not to increase the rate at which we accumulate debt and then adjust how much debt we are allowed to have, the solution is to eliminate the deficit and begin to reduce our debt.
On the bright side, at least we won’t have to see the “shut the government down” game for a while.