Thursday, October 5, 2017

U.S. will not be able to pay down debt until GDP growth reaches 4 percent

Republican Luke Messer says the government needs to be able to get the economy to reach a 4 percent GDP growth to be able to start paying on the national debt. House leaders are looking to push through a 4.1 trillion dollar budget plan for the economy. Hoping to start tax reform. The congressman said they don't want to make tax cuts because in modern history it has not spurred much growth if any. Messer also stated the only time in modern history the government could start cutting down the deficit or the national debt. Messer who is also a member of the house financial committee says they would like to have this new budget passed by the end of the week, while the house waits for the senate to pass their budget. This budget would call for 5 trillion dollars in spending cuts making medicare a voucher like system for new retirees. Also this would take medicaid down by about a trillion dollars all in the next decade along with repealing Obamacare.

https://www.cnbc.com/2017/10/05/us-wont-be-able-to-pay-down-debt-until-growth-hits-4-percent-gop.html

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