A new federal report out yesterday says last year’s deficit was over a trillion dollars – a figure Nashville Congressman Jim Cooper calls “horrifying.”
Cooper says the U.S. Treasury report is the only one to use hard numbers, making it the clearest picture of the country’s dire financial situation.
“You’re talking about truly horrendous numbers that could damage the future of everyone in this country. We’ve got to get this situation under control.”
Cooper says given the nation’s commitments for social security, Medicare and Medicaid, it’s behind more than 50 trillion dollars. He says that amounts to 187,000 for every man, woman and child.
Cooper says Congress has to reign in well-intended entitlement spending, particularly in the area of healthcare. He says he would also like to see the creation of an expert commission to tackle such issues.