Newsweek: It is Only May, and the Federal Deficit Is Already Higher Than in All but Five Full-Year Deficits in U.S. History

Article by Nicole Goodkind in Newsweek

If President Donald Trump’s spending and tax policies continue apace, a report by the Congressional Budget Office out Thursday found, the U.S. national debt will rise from 78 percent of the economy to 105 percent of the economy over the next decade.

“Beyond 2029, if current laws remained in place, deficits would grow, driving debt to its highest levels in the nation’s history,” according the report.

The news comes as the country approaches the halfway mark in the current fiscal year. Recent data from the Treasury Department shows the U.S. is already running a deficit of $691 billion.

 That's already higher than all but five full-year deficits in U.S. history, according to an analysis by the Peter G. Peterson Foundation, a bipartisan nonprofit that focuses on the national debt. 

To read this article in Newsweek in its entirety, click here.