Today's Video Headlines: 10/24/23
Congress must get its act together and prevent a government shutdown — or recession is on its wayHow a divided GOP can finally unite and prevent a government shutdown
His self-congratulation about reducing red ink is about as reliable as his self-valorizing stories about his academic achievements, his family, and his work as a senator and vice president — it all tends to be a mixed-up collection of half-remembered lore and obvious inaccuracies. when the deficit had dropped to about $1 trillion from its pandemic-era highs of roughly $3 trillion, thanks to the inevitable end of emergency COVID spending.
We thought we were enjoying one with the federal budget: Interest rates were low and would always stay that way, so why not keep spending money we don’t have?This was the thinking, if we can call it that, behind Biden’s fiscal strategy. that the fiscal situation is manageable, and that given historically low-interest rates, now is the time to make major investments to combat climate change and reduce income inequality.
The spiking payments are another cost of inflation, as the Federal Reserve has hiked interest rates to tame rising prices.Every incremental increase creates yet more empty calories in the federal budget — we have to pay more simply to fund our out-of-control spending.
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