FEDERAL DEFICIT SURPASSES $1 TRILLION
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FEDERAL DEFICIT SURPASSES $1 TRILLION
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The federal deficit surpassed $1 trillion in the first 11 months of fiscal 2019, the Congressional Budget Office (CBO) said Monday.
The deficit presently stands at $1.068 trillion, though it is likely to be reduced in September as quarterly tax payments are paid.
“In its most recent baseline projections, CBO estimated that the 2019 budget deficit would be $960 billion,” the CBO noted. That amount would be $181 billion higher than last year’s deficit.
The deficit as of Monday was running $168 billion ahead of the deficit in the last fiscal year at this time.
While mandatory spending such as Social Security and Medicare drive the deficit, it has shot up under President Trump‘s watch following the GOP tax cut bill and a series of bipartisan agreements to raise spending on both defense and domestic priorities.
The CBO has called the nation’s fiscal path “unsustainable,” noting that payments on interest alone were on track to overtake both defense and domestic spending by 2046.
Recent concerns over a possible economic downturn or recession have further exacerbated concerns about the nation’s fiscal situation, which tends to worsen when the economy slides.
(Excerpt from The Hill. Article by Niv Elis.)
Are you concerned about the growing federal deficit? Leave a comment.
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Father God, forgive us for not living according to Your wisdom. I pray for You to awaken the American public to the severe danger of indebtedness. Help us make our elected officials aware that we want our nation to get out of debt, and that “we the people” are willing to do what is necessary for our government to not only have a balanced budget, but actually live within that budget.
Please give President Trump and his administration strategies for getting America out of debt, and grant them favor and effectiveness to make this a reality.
Thank You that we can come to You in the Name of Jesus knowing that You will not only hear our petitions but You will answer in Your almighty power. Amen.
Repent and pray. Stop funding sanctuary cities, deport ALL illegal aliens no matter howling they have been in U.S.A. Stop paying treasonous congress people, decrease size of federal government to work only delegated by U.S. Constitution. Repent and pray.
Amen! Thanks for this prayer command