The Congressional Budget Office issued a dire warning to the Senate about spending yesterday. Will they and the president listen?

Time to wake up and smell the trash, folks!  As the bleeding from job losses and a sinking economy continues, our congress and president are intent on taking us down a path from which we will assuredly get lost if something isn’t done soon.  Emphasizing that point, the director of the non-partisan Congressional Budget Office (CBO) issued a dire wiring in testimony to the Senate yesterday: “Under current law, the federal budget is on an unsustainable path, because federal debt will continue to grow much faster than the economy over the long run.”

Less than six months into the Obama presidency, Americans are scared – and they have good reason to be.  We are watching trillions of dollars in debt being racked up with no way to pay for it and no real signs of recovery in the economy. 

Unemployment continues to rise and is expected to hit 10% before the end of the year and Congress and President Obama continue to spend money faster than it can be printed on programs that the American people do not like.  This week the two announced their effort to nationalize healthcare, a move which will cost $1.2 trillion, create a massive government bureaucracy, and would increase the health costs facing the government – not reduce them as they have tried to say.

The writing is on the wall and it is vulgar to say the least.  Democrats however choose to ignore it and continue to pursue their liberal agenda.  All public servants in government – Democrats and Republicans alike – should be forced to listen to what CBO Director Douglas W. Elmendorf had to say yesterday.  Just a few of the nuggets from his testimony:

• “Although great uncertainty surrounds long-term fiscal projections, rising costs for health care and the aging of the population will cause federal spending to increase rapidly under any plausible scenario for current law.”
• “Large budget deficits would reduce national saving, leading to more borrowing from abroad and less domestic investment, which in turn would depress economic growth in the United States. Over time, accumulating debt would cause substantial harm to the economy.”
• “Keeping deficits and debt from reaching these levels would require increasing revenues significantly as a share of GDP, decreasing projected spending sharply, or some combination of the two.”
• “CBO estimates that in fiscal years 2009 and 2010, the federal government will record its largest budget deficits as a share of GDP since shortly after World War II.”

WAKE UP, AMERICA!

The U.S. national debt as of 7:00am July 17, 2009.