House's Latest Budget Is a Fiscal Time Bomb
The new plan includes more tax cuts and spending increases. American taxpayers will bear the damage for such recklessness.
Do you think taxpayers won't notice?
Photographer: Kevin Dietsch/Getty Images
There is nothing conservative about the budget reconciliation bill emerging from the House. Even by Washington’s ever-declining standards of fiscal responsibility, this budget stands out as a dereliction of duty. By subverting rules meant to promote sound management, it takes today’s alarming projections of government deficits and makes them much worse, creating a ticking time bomb.
As things stand, federal debt held by the public — which is at its highest point since 1946 — is already slated to rise from about 100% of gross domestic product this year to 117% by 2034. And that’s before the new budget pours fuel on the fiscal fire.