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Every month the U.S. Treasury releases data on the federal budget, including the current deficit. The following contains budget data for July 2019, which was the tenth month of fiscal year 2019.
The deficit for July 2019 was $43 billion larger than that recorded in July 2018. However, shifts in the timing of certain federal payments decreased outlays in July 2018. Without those shifts, the July 2019 deficit would have been $3 billion smaller than it was a year ago.
The cumulative deficit through the first 10 months of FY19 was $183 billion larger than it was through the same period in FY18. That reflects a $277 billion increase in outlays, partially offset by a $94 billion increase in receipts.
While the deficit varies from month-to-month, and may even decline some months — for example, in April when taxpayers are submitting their personal income taxes — debt and deficits are on an unsustainable upward trajectory. The CBO projects that national debt could rise to about 140 percent of gross domestic product by 2049. That level of debt would far exceed the 50-year historical average of approximately 40% of GDP.
Why are such high levels of debt so concerning? There are many reasons that Americans should be concerned about the rising national debt — particularly if you are concerned about economic growth, investments in our nation’s future, and preservation of our social safety net.