Deficits are exploding – and neither party seems to care

Deficits are exploding – and neither party seems to care

In an unprecedented fashion, the deficit from the federal budget is projected by the Treasury Department to exceed $1 trillion this year– an increase of $222 billion from last year. As such is the case, the United States’ national debt now exceeds $22 trillion. As the president of the Committee for a Responsible Budget, Maya MacGuineas, has remarked, “Something has to give. No one wants to be spending more on interest payment than on kids or defense, but that’s the path we are on at the moment.” Meanwhile, Democratic candidates are “promising massive and expensive new government programs” and Republicans “don’t appear to be as enthusiastic about spending cuts as they once were”.

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