Every major federal fiscal and monetary agency has noted that the federal government has been on an unsustainable fiscal path for several years. By that, they mean that federal debt is projected to grow much faster than the economy. Now international institutions are starting to issue public statements of concern given current and projected federal debt burdens. Specifically, the International Monetary Fund (IMF) noted their related concerns this past week. These statements provide support for the adverse credit ratings actions by Fitch and Moody’s last year.

Despite the above warnings, Congress continues to authorize annual spending amounts far more than federal revenues, pass supplemental spending bills that are unpaid for, and ignore the hundreds of billions of dollars in annual fraud, waste, and abuse noted by GAO and the Inspector General community. The President continues to ignore the Supreme Court’s decision in repeated attempts to unilaterally forgive hundreds of billions in student loans which represent the largest asset on the federal government’s balance sheet.........

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