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'Fiscal crisis' warning as deficits rise, 'serious negative consequences' predicted

Published in Blog on July 17, 2017 by Convention Of States Project

From Fox News:

While the staggering national debt has virtually disappeared as a 2016 campaign issue amid White House assurances the problem has faded, D.C.’s budget scorekeepers have issued a stark warning that the red ink is growing once again – increasing the likelihood of a full-blown “fiscal crisis.”

A fresh estimate from the Congressional Budget Office projects this year’s deficit – the annual budget shortfall – will spike to $590 billion. That’s higher than a previous estimate, and up 35 percent over last year.

Further, the CBO’s numbers show the total national debt hitting $20 trillion next year.

The debt would then soar over the next decade and beyond, leading to “serious negative consequences,” the report warns, including ever-higher interest payments that would crowd out other areas of the budget.

“The likelihood of a fiscal crisis in the United States would increase,” the CBO report, issued last week, said. “There would be a greater risk that investors would become unwilling to finance the government’s borrowing needs unless they were compensated with very high interest rates.”

For years our federal officials have ignored our national finances as the deficit, debt, and tax burden increased. Now their own budget office is predicting a financial crisis -- but will they do anything about it? 

We're not holding our breath. That's why we're working to call the first-ever Article V Convention of Sates -- a meeting of state delegates with the power to propose amendments to the U.S. Constitution. These amendments can include those that impose fiscal restraints on the federal government such as a balanced budget amendment, spending caps, and tax limitations. 

The feds have shown themselves incapable (or unwilling) to spend responsibly. Fortunately, a Convention of States can force them to consider the damage they're inflicting upon future generations -- and take the action they should have taken years ago. Click here to learn more.


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