Morning Bell: Pictures of a Budgetary Disaster
Mike Brownfield /
Another budget battle looms on the horizon as Congress returns from recess next week to continue work on the nation’s finances and debates whether to raise the debt limit, now at $14.3 trillion. In the last year, no single issue has captured the attention of Americans more. And for good reason. Spending and debt are skyrocketing, causing many to question what kind of course we are on. Hyper-drive spending is what last year’s elections were really all about.
To understand what that all really means — and why deep spending cuts and fiscal reforms are paramount — Americans must understand how bad the nation’s fiscal situation has gotten. Just in time for the debt limit debate, The Heritage Foundation has launched a special preview edition of its 2011 Budget Chart Book which paints a clear picture of how much the federal government is spending, how deep it’s in debt, how massive entitlement programs are, and what we pay in taxes. (more…)