As the nation watches this week’s Kavanaugh hearings with bated breath, a threat is rising against our country that no one wants to talk about -- or fix.
A new report from the Congressional Budget Office has found that interest payments on the national debt will soon outpace military spending.
Within a decade, more than $900 billion in interest payments will be due annually. Already the fastest-growing major government expense, the cost of interest is on track to hit $390 billion next year, nearly 50 percent more than in 2017, according to the Congressional Budget Office.
"It's very much something to worry about," C. Eugene Steuerle, a fellow at the Urban Institute and a co-founder of the Urban-Brookings Tax Policy Center in Washington, told CNBC. "Everything else is getting squeezed."
Think about that. The most significant use of taxpayer dollars will soon be interest payments. Not the military, not welfare programs, not education -- interest on a debt federal officials have allowed to grow far beyond responsible limits.
It’s time to force the feds to do what they’ll never do on their own. We need constitutional amendments that mandate fiscal responsibility, and the only way we’ll get those amendments is via an Article V Convention of States.
A Convention of States is called and controlled by the states and has the power to propose amendments that require a balanced budget, limit taxation, and, most importantly, limit spending. We need to get our finances back on track before it’s too late.
