"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?