You’ve heard plenty about the fiscal cliff. But little attention has been paid to what’s beyond it.
What’s beyond it is another higher, steeper cliff.
The federal debt now exceeds $16 trillion and Congress will need to vote shortly to raise the debt ceiling in order to keep the government operating. We’re running an annual budget deficit exceeding $1 trillion, so the debt will only get higher.
The longer we try to maintain the status quo, the more difficult it will be to bring the debt back in line. We’re reaching the point where every dollar in the federal budget will be needed just to service our debt. That means your taxes will no longer go toward building new highways, helping the poor or protecting the United States. They will be needed to pay off the enormous debt that the President and Congress have incurred.