America has a problem, it’s called Congress: Varney

America has a problem. It’s called Congress. Or, the way Congress spends our tax money. And the way Congress authorizes the borrowing of money.

Simply put: Politicians know that spending cuts will not get you re-elected. Throw our money around, and you'll be back. ...

Nothing makes that point more clearly than the budget passed in the early hours of this morning. Our government will spend an extra $320 billion over the next two years. Think about that. We are, right now, overspending by about $700 billion to $800 billion a year. This budget will mean $1 trillion of overspending very soon. What's going on here? Our economy is growing at the best pace in years, and we have to borrow a trillion! Why are we doing this?

Easy answer: If you're a politician, and you vote to cut spending, your political opponents will demagogue you to death: You will be accused of starving children and killing seniors. And you will probably lose the election. So you say OK, we'll spend a little more, and we'll borrow what we don't have. You'll get re-elected. But you've kicked the can down the road and added to our already astronomical national debt.

How many times have we been told that the "debt bomb" will explode. But it hasn't, at least not yet. ... And that too is a problem because irresponsible spending has no impact now. You don't pay the price immediately.

What is particularly unsettling is the performance of the Republican Party. The GOP did very well railing against Obama's doubling of the national debt. But now it runs the House, the Senate and the White House, and it increases spending all over again.

There is a fundamental problem in the way we organize our nation's finances. It ought to change. But it won't. Until that debt bomb explodes. And then it’s too late.