Excessive government spending and mounting national debt will likely trigger a financial crisis in the next 18 months, economist Stephen Moore warned on July 28.

“It’s a very precarious time economically for the country,” Moore told The Epoch Times during the annual meeting of the American Legislative Exchange Council (ALEC) in Salt Lake City.

“There is a debt hangover coming. And if we stay on this path that the Biden administration wants us on, I believe there will be another financial crisis,” Moore said.

His comments came after a group of bipartisan senators and the White House announced a deal on an infrastructure package with $550 billion in new federal spending. Soon after the announcement, the Senate voted 67 to 32 to begin debate on the measure, with 17 Republicans joining Democrats.

Many conservatives including Moore believe that vote for the bipartisan infrastructure bill is a de facto vote for President Joe Biden’s larger $3.5 trillion social package that calls for tax hikes and spending on education, childcare, climate change, and Medicare expansion.

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