“Unfortunately for our country, President Obama continues to ignore the basic reality that math will indeed catch up with us,” Sanford said. “Claiming to slow the pace at which we’re spiraling into debt does nothing to address the debt we’ve already accumulated, nor does it address the time bomb we’re sitting on with respect to entitlement spending. The CBO estimates that in just 12 years, all federal revenue will be consumed by entitlements and interest on our existing debt alone – leaving no money for defense, or any other federal functions without borrowing or substantially raising taxes. I believe the president, and quite frankly many members of Congress of both political parties, have ignored this basic reality for far too long. If Congress and the President don’t make tough choices now, they’re endangering the American Dream for generations to come.”
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