Budget Deficit Increased Over $100 Billion This Year

Late last week, the Congressional Budget Office (CBO) released their Monthly Budget Review for September 2018. They detailed the fiscal situation the federal government is currently in. They summarize:

“The federal budget deficit was $782 billion in fiscal year 2018, the Congressional Budget Office estimates, $116 billion more than the shortfall recorded in fiscal year 2017.”

Receipts are up less than one percent, while the total outlays are up more than three percent, compared to last fiscal year. The largest increases in spending were net interest on the public debt (grew $7 billion), Social Security ($4 billion), and Department of Defense programs ($3 billion).

The government continues to spend more money every year, without any regard for the taxpayer. It’s important that the federal government makes drastic changes by focusing on lowering the debt and getting their finances in order. The debt has topped $21 trillion and the government is continuing to grow, something has to change.