Federal deficit up 25 percent over last year
Our federal deficit is growing, this year spiking to nearly $590 billion – up 25 percent over last year – according to the latest Congressional Budget Office estimate.
The federal deficit for fiscal 2016 jumped to $588 billion, $149 billion bigger than last year’s, the Congressional Budget Office estimated Friday.
As a share of economic output, the deficit rose to 3.2 percent, up from 2.5 percent in fiscal 2015. That would be the first such increase in the deficit as a share of the economy since 2009, when the U.S. was still reeling from the financial crisis.
Part of the jump in the deficit was because the government brought about $41 billion in payments forward into fiscal 2016 because fiscal 2017 began on Oct. 1, a Saturday.
Our federal deficit is 25 percent more this year than last year and is the largest share of gross economic output the U.S. has seen since 2009 when we were still in shock post-recession. Those numbers are unacceptable. Click here to help Tea Party Patriots urge our lawmakers to adopt commonsense spending policy that will balance our budget in five years!