Current law, which includes the Budget Control Act (BCA) known colloquially as the sequester, would push the national debt to $25.228 trillion in 2023, according to the Congressional Budget Office (CBO). The original BCA passed in 2011 had a goal of $2.1 trillion in deficit reduction over a 10-year window that ended in 2021.
The budget deal Ryan negotiated with Murray would include, at most, only $23 billion in deficit reduction. In comparison to current law, that means the national debt would reach $25.205 trillion by 2023.
Since the national debt right now is about $17.233 trillion, Ryan’s deal with Murray did virtually nothing to change the national debt from current law. Current law and the Ryan deal each increase the national debt by about $8 trillion over the next decade.
Yeah, let's just kick the can down the road....
Ladies and Gentlemen, Wahington has a spending problem. And it's not just the Democrats, as this clearly shows, so do the Republicans.
House Republicans "capitulated" in agreeing to the two-year budget deal reached last night and left the country to deal with an unsustainable fiscal situation until the peak of the presidential primaries in 2015, when nothing will get done, former federal budget director David Stockman told CNBC on Wednesday.
"First, let's be clear—It's a joke and betrayal," Stockman, who served under President Ronald Reagan, said on "Squawk on the Street." "It's the final surrender of the House Republican leadership to Beltway politics and kicking the can and ignoring the budget monster that's hurtling down the road."
Stockman added that the budget deal means U.S. lawmakers would take a "two-year vacation" from dealing with the country's fiscal situation, and instead revisit it in 2015 at around the same time as the Iowa straw polls. Without an incumbent in the presidential race, both political parties would be too busy to touch the budget, he said.
Good article here by the way....