Prior to the pandemic, the U.S. was already expecting a budget deficit of about $1 trillion for the current fiscal year.
Our national debt and deficits are about to go through the roof. Democrats in Congress and on the campaign trail must call out Trump's hypocrisy and make the case for a more responsible path forward.
The current cost to the federal government for operations in Iraq is an estimated $1.922 billion, including interest and additions to the base budget.
When he campaigned for the Oval Office in 2016, Donald Trump said he would eliminate the national debt in eight years.
The news comes as Trump says he's considering tax cuts, a move that would likely further raise the deficit, and a massive bipartisan budget deal struck between Congress and the president that increases spending.
"Nobody is a fiscal conservative anymore," said Rush Limbaugh on his radio show. "All this talk about concern for the deficit and the budget has been bogus for as long as it's been around."
Kennedy said that when it comes to actually reducing spending, lawmakers from both parties "don't want to hear about it."
"The deficit under Obama dropped by an average of 11 percent a year in his second term," Chris Wallace told Mick Mulvaney.
Interest payments on the national debt will soon surpass spending on education and health care.
America's growing budget deficit will increase debt to the highest level in U.S. history by far, according to the Congressional Budget Office 2018 long-term budget outlook.
"Today's CBO report confirms that major damage was done to our fiscal outlook in just the past few months. This is the first forecast to take into account the recent tax and spending legislation, and it's clear that lawmakers have added significantly more debt on top of an already unsustainable trajectory."
The GOP-controlled Congress has precious few legislative days to work before it faces hard-and-fast deadlines.
Will the federal government be able to raise the debt ceiling without drama?
The U.S. deficit will likely be addressed first because the bond market will demand it.