RICHMOND, VA (WWBT) – The federal debt keeps growing, and every day lawmakers warn about a tipping point-- a point where all the money that comes in…goes straight to paying off the deficit. One Virginia congressman believes that day is sooner than you think.
Frank Wolf recently claimed that "every penny of the federal budget will go to interest on the debt and entitlement spending by 2025."
2025 is not that far away…only 13 years, but is that true? According to Politifact Virginia, Wolf is right.
Wolf gets his information from the Non-Partisan Congressional Budget Office.
According to their June 2011 report-- economists predict debt interest will exceed the amount of money coming into the general fund through tax dollars in 2025. This prediction is based on the premise that nothing will change in the next 13 years. The picture is a little brighter. With some other forecasts show that call for some an adjustment, like letting the Bush Tax cuts expire. According to Politifact Reporter Sean Gorman, those will be difficult to pull off.
"We spoke to one budget analyst who said some of the things that would be required to happen under that more rosier scenario are politically difficult to follow through with," Gorman said.
You can see all the information behind this week's Politifact Virginia report on their web site, www.politifactvirginia.com.