A fiscal reckoning
July 16, 2020
When the House returns to business next Monday, we will take up the National Defense Authorization Act I wrote about last week. Then we will take up appropriations bills for next fiscal year, which begins October 1, and likely another Coronavirus bill.
This spring I voted for both of the CARES Acts, which together spent $3 trillion. That was on top of this year’s projected total federal spending of $4.8 trillion, which was already going to add $1 trillion to our national debt. With the CARES Act spending, however, the total deficit for this fiscal year will be $3.7 trillion. The defi...