Congressional Budget Office reported Wednesday that the current year budget deficit will be lower then originally expected due in part to higher than expected tax revenues earlier in the year.
CBO now projects the budget shortfall will be $1.28 trillion, down approximately $116 billion from projections made earlier this year. This budget deficit is the third largest ever recorded, coming in behind the previous two years which took the top two spots.
If the congressional super committee can slash another $1.2 trillion from spending by Thanksgiving, CBO said approximately $3.3 trillion will be saved over the next decade. Most of this savings comes from program cuts and lower than anticipated interest rates.
While this report is good news for the country, it reflects the callous manner that government officials spend tax dollars. When a $1.28 trillion deficit is considered an improvement, there is a serious disconnect between good and bad. A deficit of those proportions can never be considered good.
The mere fact that Washington is having a discussion about reducing the debt is good, but it is equally sad. The discussion should not be limited to reducing the debt. It should be focused on eliminating the debt. The country has been borrowing money for decades and needs to learn that – with the exception of national emergencies – it needs to live within it’s projected means. Carefree spending is squandering the future of generations to come.
The CBO report declares: “The United States is facing profound budgetary and economic challenges…”
This isn’t news to anyone, but it should serve as a wake up call to every lawmaker in Congress. Runaway spending and funding pet projects cannot continue. And, while they may be worthy of debate, not every problem can be solved with the creation or funding of a federal program or agency.
The Super Committee should commit itself to making bipartisan recommendations for cuts that well exceed their legislative mandate. This is a focused time for Americans to see true, bold leadership from our representatives. Think of the progress we could make on reducing debt in unimaginable amounts if the Super Committee found $3.0 trillion in cuts. Working together – they can.