The United States continues to get deeper into debt. Fox's Chad Pergram explains in today's "Speaker's Lobby."
I'm Chad Pergram with the Speaker's Lobby.
The federal deficit is spiking. Up a staggering 17-percent an increase of 779-billion dollars. Senate Majority Leader Mitch McConnell says a boost in defense spending helped hike the deficit. Still, McConnell says he'd like to quote," spend as little as possible."
The Kentucky Republican attributed higher deficits to entitlement spending. That's true as entitlements are the biggest drivers of the debt. Commanding nearly 70-cents of every dollar Washington spends.
It wasn't that long ago that House Speaker Paul Ryan hounded the Obama Administration about skyrocketing deficits. The Speaker warned about the cost of Obamacare. He engineered a balanced budget plan called "The Path to Prosperity." Under Ryan's proposed math when he was key figure on the House Budget Committee deficits shrank. But in one of Ryan's proposals he double counted Obamacare. One side of the ledger, the Wisconsin Republican repealed Obamacare. On the other he used revenue generated by Obamacare to help curb the deficits.
Now President Trump wants a five percent across the board cut, but that just goes into the President's budget PROPOSAL. It's a non-binding wish list which he'll send to Capitol Hill, and one that Congress never acts upon.
With the Speaker's Lobby, Chad Pergram. Fox News
Follow Chad Pergram on Twitter: @ChadPergram