trump

News

Mar 12, 2019 by Michael

National Debt Crisis Reaches A Staggering $22 Trillion And Trump Seeks To Balance Budget

The national debt had topped $22 trillion last month, this increase in debt made Washington leaders consider that it could be a threat to national security, reported CBN. After hearing about this, president Trump delivered a new budget proposal that will supposedly cut federal spending. The White House budget office reported that this plan includes $2.7 trillion in spending cuts and will eventually erase the deficit in 15 years. 

Senior fellow at the Heritage Foundation, Stephen Moore, said that "It is headed to $23 trillion and neither party seems to be able to do anything to stop this crisis of national debt."

"The way to get at that is to first of all keep the debt burden down on the economy"

Moore made a bold statement by saying that "lawmakers need to breakaway from the 'use it or lose it' spending spree." Moore's core belief is that the only way to change the tide is to wage a war on wasteful spending.

"The problem is the incentives in Washington are to increase your spending because that's how to get a budget increase next year," Moore added.

"The president is concerned, he's always been concerned. The way to get at that is to first of all keep the debt burden down on the economy," said Larry Kudlow, Trump's director of the National Economic Council.

Kudlow has a different perspective on the way the economy should be growing than Moore. It should be done by not raising taxes, offering incentives like Moore suggested, and encouraging business confidence.



Follow us on Facebook: