Federal Deficit Reaches $3 Trillion
Article from For Liberty by Norm Leahy.
The federal government’s budget numbers for August are in. Not surprisingly, they show a wave of red ink flowing out of Washington, D.C.
According to the Congressional Budget Office, the August deficit was “$198 billion…$3 billion less than the deficit in August of last year.”
That’s the good news. The bad news is bad indeed:
The cumulative federal budget deficit for the first 11 months of fiscal year 2020 was $3.0 trillion, CBO estimates, $1.9 trillion more than the deficit recorded for the same period last year… Revenues were 1 percent lower and outlays were 46 percent higher through August 2020 than in the same 11-month period in fiscal year 2019. CBO projects that the 2020 deficit will total $3.3 trillion. At 16.0 percent of gross domestic product, that would be the largest shortfall relative to the size of the economy since 1945.
The true costs of a pandemic and the resultant government-mandated shutdowns are becoming clearer with each new batch of budget data. But it’s important to remember that official Washington has a spending problem long before anyone ever heard of the coronavirus.
We all must wonder how much Smaller the Deficit would be if Not for the Democrats constant Demands for MORE, MORE, MORE, and further the constant trips to court for this and that and something Else…..flaunting of federal Laws…. and constant Obstruction….
The Democratic left will not pass coronavirus relief money at lower spending amounts to see if Trump’s plans that save money work. They would rather ruin the country by higher debt or by giving no money at all. Vote TRUMP and everyone on the right in November to save the country.