Congress shrugs off $22 trillion national debt: 'I don't see a lot of appetite for cutting spending'

The Washington Times ^ | February 20, 2019 | David Sherfinski

[jazusamo]

Yes, Congress is aware the national debt recently surpassed $22 trillion for the first time in U.S. history.

No, members don’t think they’ll do anything to seriously address it anytime soon.

“I don’t see anybody prioritizing it, and sadly folks often prioritize things when crisis hits. I don’t want a debt spiral crisis to hit,” said Rep. Rob Woodall, Georgia Republican. “I hear lots of conversations about how to spend a whole lot more.”

With the spending process for 2019 now wrapped up, lawmakers are turning their attention to exactly how they plan to avoid $126 billion in cuts set to kick in this October because of Obama-era budget caps.

“I don’t see at this point a lot of appetite for cutting spending,” said House Budget Committee Chairman John Yarmuth, Kentucky Democrat.

President Trump likewise has ruled out major cuts to entitlement programs such as Medicare and Social Security — the key drivers of the debt — as he has overseen an increase of about $2 trillion since taking office two years ago.

Mr. Trump has “always been concerned” about the level of debt, said Larry Kudlow, one of the president’s top economic advisers.

But Mr. Kudlow said there shouldn’t be too many practical consequences to the escalating red ink as long as the economy keeps humming.

“As the growth continues, we believe 3 percent growth, I think you’ll see deficits as a share of GDP keep falling,” he said. “I don’t think that’s an issue, a problem. We’re sticking with 3 percent growth. This economy’s very strong.”

[Antoninus]

“Just print more money,” is what they say. Eventually, the chickens will come home to roost.

[SaveFerris]

It’s like the stock market. Sell while prices are high.

But that’s just me. What would work for me might not work for someone else.