Last week, data from the Congressional Budget Office (CBO) found that the 11-month deficit had surpassed $1 trillion, but it was expected to fall back under that threshold after an expected spike in tax payments in September.
Advertisement
The Treasury data, however, offered no such assurances, estimating that the fiscal year would close $69 billion above the $1 trillion mark.
The growing deficit, which adds to the nation’s debt burden, raises concerns about the nation’s fiscal health. Interest on the debt has cost the U.S. $379 billion this year, more than spending on veterans benefits, education and transportation.
Join the conversation as a VIP Member