It’s time (perhaps past time) for an “all of the above” look at spending, politics aside. Doug Bandow in his Op/Ed in Forbes notes the following fiscally scary facts.
The Congressional Budget Office warns that if Washington stays with its current policies—no new big spending programs, expiration of the Bush tax cuts in January—Uncle Sam will run another $3 trillion in red ink over the coming decade. But if Congress passes the president’s latest budget proposal, the combined deficit increase will be $6.4 trillion over the next ten years.
Even this estimate is too optimistic, however. Since when is there good news in Washington? The CBO offers an “alternative fiscal scenario” which assumes that Congress acts like, well, Congress. Then the added red ink over the next ten years will total $11 trillion.
