This is the Kator Daily Podcast for Thursday, July 25th, 2019.

I'm Caleb Brown.

A new budget deal winding its way through Congress raises spending,

suspends a federal borrowing limit for two years,

and does nothing to restrain massive deficits.

So what might trigger a debt disaster?

Cato's Chris Edwards comments.

It almost seems like a fairy tale to suggest that there once was a political party,

or maybe two political parties that treated national debt as a serious concern.

Where are we now with respect to members of either the Democratic or Republican parties who actually treat

debt government debt as a serious problem.

Well I think both parties are completely overrun

with big spenders. The Wall Street Journal does an editorial today where they sort of frame it as if Nancy Pelosi and the Democrats were the big spenders on Capitol Hill and Republicans, you know, are having a hard time getting a

fiscally conservative deal with her and the Democrats. I think that's just

a really wrong way. You cannot understand the federal budget thinking about it that way.

The truth is the vast majority of members in both parties in House and Senate are big

spenders, have very little interest in cutting deficits and debt,

selfishly protect their own programs and defend their own programs.

I mean a classic example of this is perhaps one of the most conservative members in theory in the Senate is Ted Cruz from Texas,

but he pushed and voted for two giant disaster aid bills this year and last year because they provided

billions of dollars for his home state of taxes.

So all of these members, they prioritize spending on all their favorite programs in their

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