Budget Deficit Increases 34% in October
For Immediate Release
The Department of Treasury today announced that the deficit in October was $134 billion – a 34 percent increase from October 2018. The following is a statement from Maya MacGuineas, president of the Committee for a Responsible Federal Budget:
We're in a world of trillion-dollar deficits now. Thanks to recent tax cuts and spending hikes, what we saw last month is just the tip of the iceberg. Despite the lowest unemployment rate in half a century, deficits and debt continue to grow.
We cannot continue on this current trajectory. Federal Reserve Chairman Jerome Powell recently testified that our current fiscal situation is unsustainable, and he could not be more right. High and rising debt threatens to slow economic growth, increase federal interest payments, leave us less prepared for the next recession, and put undue burdens on future generations.
It’s time for lawmakers to take notice. Instead of more spending increases and tax cuts, we need a plan to correct our debt trajectory. The longer we wait to act, the fewer choices we will have and the more painful they will be.
For more information, please contact Ben Tomchik, deputy chief of staff, at firstname.lastname@example.org