$3.7 Trillion of New Debt

debt

2020 Federal Deficit Spending Projected to Hit $3.7 Trillion 

By Stuart MacPhail – August 2020

The July 15 edition of The Patriot Post reported that figures released that week by the Congressional Budget Office (CBO) indicate that “[t]he annual deficit over the last 12 months is $3 trillion, and the CBO expects the fiscal year ending September 30 will sport a deficit of $3.7 trillion — smashing the previous record of $1.4 trillion and nearly equaling the entire federal budget as recently as 2017.”  The CBO projection was based on law as it existed in early July 2020, before any new debt-building “stimulus” measures that Congress was scheduled to consider in late July.

Scott Walker Offers a Way to Fix the US Debt Crisis –
The July 9 edition of The Washington Times carried an op-ed piece by former Wisconsin Governor Scott Walker entitled How to fix the US debt crisis.  No surprise, Walker called for a Balanced Budget constitutional amendment to stop the Debt Clock from ticking.

Walker, the National Spokesperson for the Center for State-led National Debt Solutions, noted that “[i]nterest payments are now more than the entire national debt was at the start of the Reagan presidency.  That means less and less money for children, health care, defense and other priorities of the federal government.”

Pointing out that America’s fast-growing federal debt is a bipartisan issue Walker said, “The federal government needs an intervention.  We need a Balanced Budget Amendment — before it’s too late.” 

He urged state legislators to take the lead, through an Article V convention of states “[t]o ensure the financial future of our children and their children.  We must get the debt and deficit crisis under control in America.”  Read his article HERE.

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