Analysis | Why America’s return to $1 trillion deficits is a big problem for you
Trump is on track to smash Obama's spending record. He and Congress have actually ACCELERATED deficits in an economic climate where they should be REDUCING deficits.
The country has never run this high of a deficit during good economic times.
“This is unprecedented,” said Justin Bogie, senior policy analyst on fiscal affairs at the conservative Heritage Foundation.
“We are running up the national credit card when everything is going our way economically,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “It shows Congress has lost any will to make hard choices to fix near-record debt levels we’re already facing.”
“The bigger the debt, the bigger the chances of a fiscal crisis,” CBO Director Keith Hall said Monday.
If spending keeps up at this pace (and there is every indication that it will), President Trump and his successors are going to have less flexibility to pump up the economy during a downturn or even a crisis.
While Trump campaigned on reducing the debt, he and the GOP-led Congress have made the deficit worse in the past year
What Trump and Congress have done since June is “estimated to make deficits $2.7 trillion larger than previously projected” in the next decade, the CBO wrote in its report.
Trump is on track to smash Obama's spending record. He and Congress have actually ACCELERATED deficits in an economic climate where they should be REDUCING deficits.