Why President Trump supports the flawed House-passed budget bill

The House of Representatives has just passed a two-year budget bill covering fiscal 2020 and fiscal 2021. The deal calls for a $322 billion increase in spending over the next two years. However, before the budget bill can be implemented, the Senate will have to pass it. Then the President will have to sign it before mid-September when the government would formally lose the authority to spend money.

The budget bill and its consequences are one result of the massive public debt on the government books reaching its legal limit. Like that 800-pound gorilla in the room, the public debt continues to grow because the Federal government continues to spend more money than it receives in revenue. This year the Federal government deficit will exceed $900 billion. So why is the government planning to spend even more in accordance with the House budget bill?

The Federal government deficits continue to mount, stretching back many years

Every year for the past 19 years and for 63 of the last 67 years, our irresponsible Federal government has routinely spent more than it receives. To finance the shortfall, the government almost continuously sells bonds, accruing public debt. Adding insult to injury, the government pays out annual interest to those individuals and institutions that hold these bonds…