Our country is headed towards the fiscal cliff, and there's no sign of slowing down.
A new report from the Congressional Budget Office confirms that unless we do something -- now -- we're set to enter a financial crisis we've never experienced before.
"Federal debt held by the public is on track to hit 'unprecedented' levels, rising from the current 78 percent of gross domestic product (GDP) to 144 percent by 2049 if current laws are maintained, according to a new report from the nonpartisan Congressional Budget Office (CBO)," according to a report from The Hill.
The CBO says that such debt increases could pose “substantial risks.”
“The prospect of such large deficits over many years, and the high and rising debt that would result, poses substantial risks for the nation and presents policymakers with significant challenges,” said CBO Director Phillip L. Swagel.
Amazingly, that's not the worst of it. When the national debt hits 144 percent of GDP, the government will spend more on interest payments than the entire discretionary budget, which includes defense and all domestic programs, by 2046.
And Congress might make the situation even worse. They've discussed wiping out scheduled spending and tax changes currently in law, which include sharp spending drops set to go into effect in 2020 and the expiration of income tax cuts scheduled for 2026. If they eliminate these scheduled changes, the national debt would rise to 219 percent of GDP.
We're in trouble, and we can't rely on the national Congress to save us. They've known about this impending crisis for years, and they haven't taken any steps to mitigate it.
That's why the people and the states need to come together and call the first-ever Article V Convention of States. A Convention of States is empowered under Article V of the Constitution to propose constitutional amendments that would force Congress to be fiscally responsible.
These amendments could force Congress to balance the budget, cut spending, cap taxation, and, most importantly, make the tough financial decisions for the good of future generations.
How old will your children and grandchildren be in 2049? If we don't act now, they'll be the ones saddled with our national debt, and the path towards fiscal security will be almost impossible to walk. Let's save them from that future. Let's call a Convention of States.
Sign the official Petition below to show your support!
