Like a dysfunctional family with too many credit cards, Democrats and Republicans in Washington, have a spending problem. The math is straightforward: 87 billion to rebuild Iraq, a new Medicare prescription drug bill, and trillions in tax cuts; it all adds up to what could be a 500 billion dollar deficit this year. The bill for all this spending will be paid by those Americans who are still in diapers, but who, if anyone, pays the political price?
Some say deficits have come and gone, and no one really cares anymore. Others claim that the wild spending might actually cause political problems for the President as he pitches for a second term.
Guests:
Congressman Jim Nussle (R – IA)., chairman of the House Budget Committee
Alan Murray, Washington bureau chief and anchor, CNBC
Stephen Moore, President of the Club for Growth