NEW YORK (TheStreet) -- The latest debt deal out of Washington, D.C. would raise the statutory debt limit (debt ceiling) by as much as $2.4 trillion (the largest increase ever), while reducing federal deficits by $2.1 trillion, according to the Congressional Budget Office.

Off the bat, this seems like a bum deal -- a

plain sight failure to deliver on political promises

from both sides of the aisle.

It last took the U.S. government

less than two years to spend $2.4 trillion

in money we do not have. But if you expand the timeline to the first fiscal year -- 1789 -- it took the U.S.

198 years -- to 1987 -- to deficit-spend its way to a $2.4 trillion debt

.

Call it "escalation of commitment."

The sad truth is that today's

Democrats and Republicans are fiscally irresponsible

; and this debt deal hardly accomplishes anything.

As

Peter Schiff wrote last week

, "The plans on the table suggest cutting a couple trillion in cumulative spending over the next decade. In other words, they propose cuts that only reduce deficits by about 10% to 20%; they do nothing to reduce actual debt levels. So if these talks are successful, then instead of a $1.5 trillion deficit each year, perhaps we only suffer a $1.2 trillion deficit. Meanwhile, the debt continues growing. This is 'success' in Washington."

If this budget passes Congress today or tomorrow, we've only succeeded in keeping the status quo: Shirking an hour of responsibility and postponing an inevitable day of reckoning.

As

Congressman Ron Paul memorably stated

, "Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers."

To the 112th Congress, consider yourselves exposed.

-- Written by John DeFeo in New York City

Follow @johndefeo

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