Interest Is Driving Deficits
Beyond 2030, rising interest costs are the driving factor in projected growth in annual deficits.
https://www.pgpf.org/chart-archive/0280_net_interest_primary_deficit
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Beyond 2030, rising interest costs are the driving factor in projected growth in annual deficits.
https://www.pgpf.org/chart-archive/0280_net_interest_primary_deficit
The federal government collects revenue from a variety of sources.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for September 2021.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-september-2021
Prior to the Great Depression deficits were unusual in the U.S. Budget. Surpluses occurred in about two-thirds of the years between 1800 to 1929.
https://www.pgpf.org/chart-archive/0023_federal-deficit-surplus
U.S. dependency on foreign lenders to finance the public debt has risen sharply.
https://www.pgpf.org/chart-archive/0057_foreign-holders-debt
Recessions and countercyclical policies generally increase deficits, but deficits tend to diminish during and after recoveries.
https://www.pgpf.org/chart-archive/0307_deficits_and_recessions
Over the next 10 years, the spending caps are projected to reduce deficits by approximately $900 billion, and the Supercommittee is charged with finding $1.5 trillion of additional savings.
https://www.pgpf.org/analysis/long-term-implications-of-the-budget-control-act-of-2011
“Today’s CBO report may not be a surprise, but it should be alarming for all of us," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
“As our debt crosses $31 trillion, it’s past time for action," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.