The Treasury Department today reported the official fiscal year 2018 deficit was $779 billion, an increase of $114 billion, or 17 percent, from last year. See our statementhttp://www.crfb.org/press-releases/fy-2018-deficit-779-billion …
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Deficits are rising – and fast. In as soon as a year, they will top $1 trillion and never come back down unless Congress acts.
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This year’s deficit amounts to $6,200 per household and is more than we spend each year on Medicare or defense.
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Interest on the debt rose by $62 billion over the previous year to $325 billion, which amounts to twice as much as we spend on the Departments of Transportation and Homeland Security combined.
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Under current projections, annual interest payments on the debt could top $1 trillion by 2030.
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As expected, recent tax cuts and spending increases – all put on the national credit card – are making a bad problem even worse.
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It’s an unsustainable fiscal course that will lead us to debt overtaking the size of the entire economy in as soon as a decade, and not long after topping all-time highs as a share of the economy not seen since World War II.
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Those elected to Congress this year will face stark and difficult choices to put the debt on a downward path and protect our nation’s social programs from insolvency. It’s no longer a problem for the future.
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Our full statement on the FY 2018 $779 billion budget deficit is athttp://www.crfb.org/press-releases/fy-2018-deficit-779-billion …
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Try to close the gap yourself with our Debt Fixer federal budget toolhttp://www.crfb.org/debtfixer/
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