Spanberger calls for Congress to address frightening new U.S. deficit numbers
Last week, the Treasury Department released a new report showing a $984 billion federal deficit in Fiscal Year (FY) 2019. This startling number represents a 26 percent increase from FY 2018 and a 48 percent increase from FY 2017.
“Our national debt is no superstition—it’s a very real threat to our national security and overall economic strength. The frightening numbers released by the Treasury Department last week present a haunting image—as we continue to postpone getting our nation’s fiscal house in order, we are endangering the financial futures of our children and grandchildren,” said Spanberger. “These unsettling deficit levels contribute to a shocking amount of national debt, which cripples our long-term ability to fund our military, protect Social Security and Medicare, and make smart investments in the next generation of Americans. Since coming to the House, I’ve stressed the urgent need to responsibly tackle our national debt and build a pathway toward a balanced budget, and I’ll keep working with my colleagues to make sure our district’s trick-or-treaters aren’t saddled with a ghastly debt burden when they are older.”
According to the nonpartisan Committee for a Responsible Budget, the FY 2019 federal deficit represents 4.6 percent of the country’s Gross Domestic Product (GDP), the highest share of GDP since 2012.