Fiscal Year 2010: CBO Records Unsustainable Debt
Friday, 15 October 2010 14:45
Another year, another trillion dollars in debt…or so it appears this Congress goes. The Congressional Budget Office (CBO) has just released a FY2010 analysis pegging the federal budget deficit for the past year at $1.291 trillion. According to the CBO report, federal spending in 2010 accounted for 23.6% of the entire economy. If you know your American history, you’ll know that adding that 23.6% to last year’s 25.4% records the highest spending levels in our nation’s history, with the exception of World War II.
Review the CBO report here.
If we do not quickly reverse the current course of frenzied overspending and pass spending cuts across the board, our debt will soon carry this nation over the cliff. This report is a clear indication of the self inflicted threat we now face. The last two fiscal years have marked record shattering deficit spending in Washington by a majority in Congress that increased spending rates to unsustainable levels. Worse, if acted upon, the President’s budget proposal would only serve to double our national debt. If we continue to spend at current levels, we will leave future generations with permanent trillion dollar deficits.