Where Does the Money Go?

• Approx. 2/3 of all government spending each year is already committed by decisions of previous Congresses in the form of:

• • Entitlements: Promises to social program beneficiaries (Social Security, Medicare, Veterans) – cutting these means breakings “solemn promises” to citizens
  • Interest on Debt: Contractual promises to pay interest to bondholders – not paying means default