Now, the Congressional Budget Office is projecting that the combination of the new tax bill and our massive budget will push the national debt to nearly the same size as gross domestic product by 2028. That is with an economic growth rate of 3.3 percent this year.
The cumulative deficit over the next decade is projected be $1.6 trillion larger than previously projected so that, by 2028, the national debt will total 96 percent of GDP.
As in the past, members who voted to lift debt ceilings and blow up the budget are now pledging to curtail future spending and even pass a balanced budget amendment to the Constitution. We should not need such an amendment if we simply voted members out of office for saddling our children with crippling debt. We are heading down the same path as Greece where we cannot afford to run the government due to debt payments. The reason is a lack of accountability for budgets bursting with pork barrel projects, a refusal to deal with entitlements, and continued waste in our government.
The trajectory toward 2028 is an utter disgrace and it will be our children who will have to foot the bill for our lack of responsibility.