CBO: Deficit to Begin Rising Again
CBO: Deficit to Begin Rising Again
With Trillion-Dollar Deficits Ahead, Culture Change Needed
(Washington, D.C.) – According to the estimates of the nonpartisan Congressional Budget Office (CBO), the federal government budget deficit, which is the annual amount that the government spends over what it brings in, will fall to $514 billion this year. This represents the lowest one-year deficit of the Obama Presidency, but also the fifth-largest in American history. Put another way, the five highest deficits in American history have occurred in the last five years. While the deficit is projected to fall next year, it will climb in 2016 and exceed $1 trillion within 8 years, due largely to spending on Social Security, major health care programs and interest payments.
The United States debt, which is the total amount the federal government has borrowed to cover these deficits, is currently in excess of $17 trillion, and the CBO data show it will continue to rise – by $8 trillion over the next 10 years, if these estimates are correct. With this as background, it is encouraging that some in Congress are promising to change the culture of spending and instill fiscal discipline. Given past broken promises from Washington, real change is needed.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"American taxpayers cannot afford for Washington's overspending ways to continue. The national debt is over $17 trillion, and Congress and the President haven't balanced an annual budget in more than a decade. Instead of restraining spending and bringing the deficit under control, we are on pace to see even more red ink in the years ahead.
Washington needs common sense and fiscal responsibility. It is unfair to continue placing the burden of paying off this generation's debt squarely on the shoulders of our children and grandchildren simply because our elected officials are unwilling to make the right choices."
For interviews with a LIBRE representative, please contact: Brian Faughnan, 571-257-3309 or Steven Cruz, 202 578-6173