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LETTER TO THE EDITOR: U.S. already running on borrowed money
Question of the Day
Your editorial “Crowding out the future” (Feb. 28) is incorrect about entitlements and debt interest crowding out all other spending, consuming every penny of federal revenues by 2025.
Actually, we are there right now. Discretionary spending runs around $1.2 trillion and the deficit in 2012 was about $1.2 trillion. This means that tax revenues currently only cover entitlements and interest on the debt. We are now borrowing to pay for all government discretionary spending.
LAWRENCE P. FARRELL JR.
President and CEO
National Defense Industrial Association
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