The interest on our debt is 500 billion dollars a year, and the new Trump-Pelosi-Schumer debt budget deal would increase our debt from 22 trillion to 24 trillion. Not exactly progress. Trumps bloated military spending is one reason we are a trillion dollars out of whack on our spending, but it’s not just that. We need welfare reform, medicare reform, and it wouldn’t hurt to go from 17 defense and intelligence agencies to 3.
The deal would raise the debt ceiling past the 2020 elections and set $1.3 trillion for defense and domestic spending over the next two years. That’s a 200B increase each year. There would be 77 billion in “theoretical offsets” from expected savings from efficiency in health care, etc. These often rarely materialize
Congressional sources briefed on the deal said it would suspend the debt limit until July 31, 2021, and include parity in spending increases for defense and domestic programs. It would include about $77 billion in offsets for those spending increases.