Last week, the U.S. Treasury said the deficit for fiscal 2019 was $984 billion, a 26 percent increase from the year before. It's the widest gap between revenue and spending in seven years. The Congressional Budget Office projects the deficit for this fiscal year will rise above $1 trillion. Today, federal debt stands at more than $22 trillion.
One need not be a financial genius to understand our country can't go on like this forever, but we hear no one within the Trump administration, within Congress or within the field of Democratic candidates for president talking about our country's ocean of red ink.
Again today, we commend those lonely voices committed to speaking stark truth about America's debt crisis, like the Concord Coalition. Formed in 1992 by the late Sen. Paul Tsongas, D-Mass., the late Sen. Warren Rudman, R-N.H., and former U.S. Secretary of Commerce Peter Peterson, the Concord Coalition is dedicated to responsible fiscal policies in Washington.
"Putting the budget on a sustainable path will require more than quick-fix solutions such as cutting 'waste, fraud and abuse' or 'taxing the rich.' It will require attention to broader systemic issues ... The debt is a problem. It is not going away on its own. Policymakers and the public should face up to this responsibility," Robert L. Bixby, executive director of the Concord Coalition, said earlier this year.