We’ve Already Blown Past Last Year’s Federal Budget Deficit

We’ve Already Blown Past Last Year’s Federal Budget Deficit

In a time of great economic prosperity, one would assume that it might offer breathing room for Congress and the White House to prevent further plummeting of the national debt or at least minimize the budget deficit. Not so…

In fact, the “$866 billion budget gap so far this fiscal year represents a 27 percent increase over the same period last year”.  As one columnist put it, “Typically, when the economy looks as strong as it does now, and as strong as it has for the last several years, deficits have dropped. Instead, Congress is pushing deficits higher than ever”.  Policy choices such as tax cuts and spending increases directly resulted in this ever-expanding deficit. This arguably reckless fiscal policy has been deemed by many as unsustainable for our country’s future.

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