This is news, why?
Another staunch democrat offers to stoke the boiler with more coal on this runaway freight train of debt. That's practically party platform!
What I would like to know, just so I can plan for it, is this: what's at the end of the tracks?
It's more like you went on a spending spree, put everything on credit, and went way over budget, maxing out your cards. Then, then next year, because the merchants will now expect your lavish patronage, you apply for new credit cards so you can massively overspend once again. When the lenders suggest that maybe you should pay them back before borrowing more from others, you say that the new spending is needed to help the economy!
It's exactly like that. But bigger. Much bigger.
1.4 trillion over budget each year, and no fix in sight. I don't actually think current spending is ABLE to be paid for in raised taxes. You'll run into the old problem of increased taxes causing decreased revenues before you get there.
Anyone know how many years we have left until the debt servicing becomes more than 50% of the gross tax receipts? At that point, the world bank puts the US in receivership and gives us a puppet government that dictates spending and taxing until such time as the debt is paid. Which will be never.
That's what tea partiers are concerned about. Sure, the movement is fractured, and most of the tea party congressmen think that means no new taxes whatsoever, but that doesn't negate the core argument: we can't keep doing this. It's going to wreck the country.