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ICYMI: The Budget and the Final Crisis

Arrington Pens Opinion Editorial in Washington Examiner

Washington, July 31, 2020
Tags: Economy

From the editorial:

“The perfect storm has been gathering for some time now.

“The record-high financial imbalances year after year have amassed a mountain of debt reaching $23 trillion by the end of FY2019. 

“The debt will continue to mount at an accelerating rate if we fail to include provisions in the next COVID relief package that force Congress to act before it’s too late. 

“Rep. Scott Peters, a California Democrat, and I led a bipartisan letter signed by 30 Democrats and 30 Republicans imploring leadership of both parties to adopt budget reforms now so we can get our fiscal house in order. Specifically, we asked Congress to fix the broken budget process to address growing deficits and debt as part of any additional pandemic relief legislation. 

“The longer Congress waits, the more difficult the decisions will be, and the closer to a sovereign debt crisis we get.

“Running up the debt is intergenerational theft. It poses unacceptable risks to our security, prosperity, and even civil peace. If we fail to include budget reforms that force us to deal with the looming debt crisis, no amount of money, borrowed or printed, will save us.”

To read the full opinion editorial, please click here.

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