And that number is likely to rise fast as the population ages and interest rates rise.
“Seventy-one percent of federal spending in this year’s budget is on entitlements and debt service,” Christie said in the Fox News Sunday interview that was taped over the weekend. “If we don’t deal with this we can’t invest in national defense, we can’t invest in education, we can’t invest in infrastructure – the things that people want us to do in the government we’re not going to be able to afford to do. And those programs are going to go insolvent.”
The non-partisan Congressional Budget Office said last month that if current law remains generally unchanged, the gap between overall spending and revenues -- would grow from less than 3 percent of GDP this year to more than 6 percent in 2040. At that point, 25 years from now, overall federal debt held by the public would exceed 100 percent of GDP.
I'm not a Christie fan and I don't agree with his solution. But I applaud him for having the courage to address the problem. Remember when Obama called our $10 trillion debt irresponsible and unpatriotic? He proved to have as much courage as the cowardly lion.
“Seventy-one percent of federal spending in this year’s budget is on entitlements and debt service,” Christie said in the Fox News Sunday interview that was taped over the weekend. “If we don’t deal with this we can’t invest in national defense, we can’t invest in education, we can’t invest in infrastructure – the things that people want us to do in the government we’re not going to be able to afford to do. And those programs are going to go insolvent.”
The non-partisan Congressional Budget Office said last month that if current law remains generally unchanged, the gap between overall spending and revenues -- would grow from less than 3 percent of GDP this year to more than 6 percent in 2040. At that point, 25 years from now, overall federal debt held by the public would exceed 100 percent of GDP.
I'm not a Christie fan and I don't agree with his solution. But I applaud him for having the courage to address the problem. Remember when Obama called our $10 trillion debt irresponsible and unpatriotic? He proved to have as much courage as the cowardly lion.
