national debt

Here’s an interesting response from Sen. Charles Grassley (Iowa), senior Republican on the Finance Committee, when asked by a reporter this morning whether Congress intends to pay for the wars its launched, or continue to borrow the money and pile onto federal deficits.
Defending America is a number one responsibility and money’s not the first consideration. [...]

Let’s be clear, America has a debt problem. President Obama inherited a significant structural budget deficit (that is, a deficit that occurs even with the economy at full employment) from George W. Bush, which has grown substantially as the economy has weakened and the government has pursued countercyclical policies. Obama’s projected budgets get the deficit [...]

On Nov. 21, House Speaker Nancy Pelosi (D-Cal.) and Senate Majority Leader Harry Reid (D-Nev.) sent letters to Detroit’s Big Three automakers indicating that Congress would consider a Detroit bailout “provided that you submit a credible restructuring plan that results in a viable industry … while protecting taxpayer investments.”
Writing in The Washington Post yesterday, Robert [...]