The Federal debt has now crossed the $19 trillion mark. When George W. Bush entered the White House in 2001, Uncle Sam’s debt stood at $5 trillion. When President Bush left office in January of 2009, it had increased to $10 trillion. Now into seven years of Barack Obama’s presidency, the Federal debt has almost doubled again.
And it is going to get much worse, according to the Congressional Budget Office. On January 26, 2016, the CBO released it latest “Budget and Economic Outlook” analysis for the next ten years, from 2016 to 2026.
Continuing Deficits and Growing National Debt
The economists at the CBO estimate that the Federal budget deficit for the fiscal year, 2016, will be $544 billion, or $105 billions more than Uncle Sam’s budget deficit in fiscal year 2015. And each year’s budget deficit will continue to be larger than the previous year from here on. Indeed, the CBO estimates the Federal government’s annual deficits will once more be over $1 trillion starting in 2022 and thereafter.
Between 2016 and 2026, the Federal debt, as a result, is projected to increase by a cumulative amount of almost $9.5 trillion, for a total national debt of around $30 trillion just ten years from now.
The reason for the continuing ocean of Federal red ink is the fact that while government revenues are projected to be around 49.5 percent higher in fiscal year 2026 ($5,035 trillion) than in fiscal year 2016 ($3.376 trillion), government spending will be over 63 percent more in fiscal year 2016 ($6,401 trillion) than in fiscal year 2016 ($3,919 trillion).
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