Washington, We Have a Problem

We all know that our national debt is a big problem. But after awhile, all those millions, billions, and trillions of dollars in our deficit become just words.

Meanwhile, the problem of the federal deficit is not going away. It’s only getting worse, and its effects on our children and future generations of Americans will be devastating.

Douglas Elmdorf , Director of the Congressional Budget Office, gave a sobering report before the House Budget Committee.

Here’s the most alarming bit:

When CBO last issued long-term budget projections in the summer, we projected that, under current law, debt would exceed 100 percent of GDP 25 years from now, and would continue on an upward trajectory thereafter. That trend that could not be sustained. Such large and growing federal debt would have serious negative consequences, including increasing federal spending for interest payments, restraining economic growth in the long term, giving policymakers less flexibility to respond to unexpected challenges, and eventually heightening the risk of a fiscal crisis.

That might paint a better picture than tallying trillions: In just 25 years, we will owe more than we can produce.

That should be a wake-up call to Congress, our President, and even state leaders as they prepare budgets for this year. Something must be done.