Congressman Boren recently voted to increase the US Debt limit. What are the consequences of increasing our deficit spending?
Out of control deficit spending can have only dire consequences. Since October 1, the beginning of the 2010 federal fiscal year, our government has paid $70.33 billion in interest on the national debt. That is over 10% of the 2010 fiscal year-to-date federal revenue total of $693.02 billion. January 2010 was a record 16th straight monthly deficit for the government. A widening revenue shortfall will create more unemployment, higher interest rates, a weaker dollar, inflation, and a greater tax burden to pay the burgeoning interest expense of an ever increasing national debt. It will indefinitely prolong our economic recovery.
