Sen. Cruz: 'It's Likely to be a Long, Long Time' Before U.S. Pays Off $3.78T in Debt Added This Year

[libertybele]

He is absolutely correct.  The path that we are on is unsustainable! 

Sen. Cruz: 'It's Likely to be a Long, Long Time' Before U.S. Pays Off $3.78T in Debt Added This Year

When asked to predict when the federal government will pay of the $3.78 trillion debt accumulated so far this fiscal year, Sen. Ted Cruz (R-Texas) said it would be “a long, long time,” and added that the “path we’re on is unsustainable.”

Cruz also stressed that we need to open the U.S. economy to get the engines of growth moving again, which includes bringing back jobs, cutting taxes and regulations, and helping small businesses. 

At the U.S. Capitol on Thursday, CNS News asked Sen. Cruz, “So far in fiscal 2020, the federal debt has increased by $3.78 trillion. When do you predict the government will pay off the debt it has added this year?”

“It’s likely to be a long, long time,” said the conservative senator.  “The path we’re on is unsustainable. We started the year in a hole with too much spending, too big of deficits, too much debt, and in the face of a global pandemic and economic crisis, we dug the hole substantially deeper.”

“The only way to turn it around is to, number one, restrain spending,” he said, “which is why I’m urging both parties -- Democrats and Republicans -- to stop shoveling trillions of dollars in cash -- all of which is being borrowed -- out of Washington.”.........

https://www.cnsnews.com/article/washington/bailey-duran/sen-cruz-its-likely-be-long-long-time-us-pays-378t-debt-added-year

[catfish1957]

Ted Cruz getting jiggy wiff it, after his new military commission.

[corbe]

   I, for one, was utterly astonished that a NY Liberal, Reality TV Star, self proclaimed 'King of Debt' would throw $$$$ at problems. 
   I'm truly ashamed of myself.   /s

[roamer_1]

Ted Cruz getting jiggy wiff it, after his new military commission.

I would have liked it better if all that didn't get his 'aye'... It was pretty dang obvious back then too 

[libertybele]

   I, for one, was utterly astonished that a NY Liberal, Reality TV Star, self proclaimed 'King of Debt' would throw $$$$ at problems. 
   I'm truly ashamed of myself.   /s

 

[roamer_1]

   I, for one, was utterly astonished that a NY Liberal, Reality TV Star, self proclaimed 'King of Debt' would throw $$$$ at problems. 
   I'm truly ashamed of myself.   /s

Yeah.. slipped right past me too. 

[Wingnut]

Meh.  The way I see it the USA, as a unified country will not exist in 50 years.  So WGAF about the debt we are running up. Hell lets just print a shit ton more money and pass it around.  Take one trillion down, pass it around, 99 Trillion left on the wall.  No worries ...This country will be a real life LOTF (Lord of The Fly's) experience....or maybe the New Venezuela in the year 2065.

Next on Wingnuts play list  Zager and Evans.   

[Idiot]

Meh.  The way I see it the USA, as a unified country will not exist in 50 years.  So WGAF about the debt we are running up. Hell lets just print a shit ton more money and pass it around.  Take one trillion down, pass it around, 99 Trillion left on the wall.  No worries ...This country will be a real life LOTF (Lord of The Fly's) experience....or maybe the New Venezuela in the year 2065.

Next on Wingnuts play list  Zager and Evans.

We'll be gone so what the heck. 

[Wingnut]

We'll be gone so what the heck. 

LOL.  I used to want to live forever.  But I think God had a good plan.  It's better to burn out
Than to fade away....
My my, hey hey.

[DCPatriot]

Oh great!  Just what the forum needs.

...another thread about Ted said.   

[corbe]

   I've heard, also, that he's a dam good cook.

[Free Vulcan]

It won't be paid off. The dollars that it's denominated in are going to be worthless long before that.

It's more the question of who gets left to hold the bag.

[Fishrrman]

Vulcan writes:
"It's more the question of who gets left to hold the bag."

When the communists come to power (and yes, I'm serious about their chances), they'll simply renounce the lion's share of "the debt". They'll claim "it no longer exists", and walk away.

That which is owed to China, will be written off (by China) in exchange for a foothold here -- industries, perhaps even military bases.

As for "the dollar", it will be "re-valued". You'll be offered a time period in which you can exchange your "greenbacks" for the new "red bucks" -- at an exchange rate of 100 (green) to 1 (red). After the exchange period is over, the green dollars will be both worthless and illegal.