Peter Schiff: Budget Deal ‘Perfect Example Of Why Bipartisanship Sucks’

Uncontrolled spending will continue to hike up the national debt, he says

Image Credits: Gage Skidmore/flickr.

Economist Peter Schiff took to Twitter to express his disappointment in Congress unveiling a budget deal that doesn’t address spending and the national debt.

“The budget deal is a perfect example of why bipartisanship sucks,” Schiff tweeted Wednesday. “Republicans vote for spending they don’t like, and Democrats vote for spending they don’t like. So we end up with the worst of both worlds!”

“This budget deal is a disaster. It adds 400 billion to the debt over the next 2 years,” he added. “The 80 billion in disaster relief is one time (until next disaster), but the 160 billion in spending will recur every year. Over 10 years adds another 1.6 trillion to the national debt.”

The two-year budget deal worked on by both parties increases the government’s military spending by $300 billion over the next 2 years and hikes the debt ceiling, though a timeline for that has yet to be worked out.

The deal will likely pass in the Senate, but will be more difficult to secure bipartisan votes in the House because Democrats likely won’t want to raise budget caps until a deal on DACA can be worked into it.