In news that should not be surprising for anyone following recent budgeting, the deficit is reaching historic highs. The Treasury Department noted in its monthly statement that it was up 27% from the same time period last year, reaching $866.8 billion in the first 10 months of the fiscal year. And this situation is only worsening.
According to the Congressional Budget Office, deficits over the next decade will grow faster than expected. That’s because of the enormous budget deal that recently passed, among other things. Debt held by the public will reach 95 percent of GDP in 2029 — the highest since WWII.
Americans should look for elected officials to offer solutions as the situation becomes more concerning. To review recent spending records, visit SpendingTracker.org.