Trillion-Dollar Deficits Are Already Here. Thanks, Republicans!
The Congressional Budget Office projected in April that the federal budget deficit would hit $804 billion this year, and would top $1 trillion by 2020.
Last week, the CBO updated its projection, saying that the federal government had already spent $895 billion more than it brought in this year, and that the deficit would hit $1 trillion before the end of the current fiscal year. Trillion-dollar deficits aren't coming soon; they're already here.
It's no secret why. Over the past year, Republicans at the federal level have cut taxes while signing onto bipartisan deals to increase spending. They have made the deficit larger at nearly every turn, and there's no sign they plan to stop....
Is this a case of starve the beast or P. J. O'Rourke's "The Democrats are the party that says government will make you smarter, taller, richer, and remove the crabgrass on your lawn. The Republicans are the party that says government doesn't work and then they get elected and prove it."