national debt

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.

The U.S. deficit is set to surpass $1 trillion by next year, which would be the highest total since the start of Obama's second term.

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."

Analysts expect the country to sink deeper into debt and predict that recent tax and spending legislation has made the situation worse.

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?

A trade deficit is when a country imports more than it exports.

The U.S. deficit will likely be addressed first because the bond market will demand it.

We must raise the debt ceiling, end the sequester and spend more on education and infrastructure.