http://mccain.senate.gov/index.cfm?fuseaction=NewsCenter.ViewPressRelease&Content_id=1326“The Congressional Budget Office also has issued warnings about the dangers that lie ahead if we continue to spend in this manner. In a report issued at the beginning of the year, CBO stated that, because of rising health care costs and an aging population, ‘spending on entitlement programs - especially Medicare, Medicaid and Social Security - will claim a sharply increasing share of the nation’s economic output over the coming decades.’ The report went on to say that, ‘unless taxation reaches levels that are unprecedented in the United States, current spending policies will probably be financially unsustainable over the next 50 years. An ever-growing burden of federal debt held by the public would have a corrosive . . . effect on the economy.’ Additionally, CBO has projected a 10 year deficit of $4.4 trillion.
“Who are we hurting by our continued spending, Mr. President? We’re hurting our children, our grandchildren, and who knows how many future generations of Americans. It is perhaps my greatest hope, Mr. President, that some day we’ll consider tax and spending measures with no one else in mind but future generations of American taxpayers. We’re tying a millstone of debt around their necks, and it is a grave mistake.”