President Trump has delivered a new budget proposal that cuts federal spending and which the White House says will balance the budget. The White House budget office says the plan includes $2.7 trillion in spending cuts and erases the deficit in 15 years.
The national debt topped $22 trillion last month. It has grown to such an extent that some Washington leaders consider the debt to be a threat to national security.
Director of National Intelligence Dan Coats calls the situation “unsustainable.”
“It is headed to $23 trillion and neither party seems to be able to do anything to stop this crisis of national debt,” said Stephen Moore, a senior fellow at the Heritage Foundation and one of President Trump’s former economic advisors.
Moore believes nothing short of a war on wasteful spending will change the tide. He says lawmakers need to breakaway from the ‘use it or lose it’ spending spree.
“The problem is the incentives in Washington are to increase your spending because that’s how to get a budget increase next year,” Moore said.
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