(The Center Square) – The U.S. The Congressional Budget Office released new data showing that in the first five months of this fiscal year, the U.S. federal government has already racked up $1.1 trillion in debt, or nearly $8 billion per day.
The fiscal year began last October and runs through the end of September. Interest on the national debt now exceeds federal defense spending and is on track to be the largest expense for U.S. taxpayers.
CBO said that the current deficit is $319 billion higher than the same time period for the previous fiscal year and that even though revenues rose 2%, spending rose 13%.
Experts continue to warn that the federal debt and deficit are unsustainable.
“Absent a change in course, our country will surpass its historic World War II era record level of debt in just four years,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement. “It is well past time for policymakers to come together and put in place a plan to get our debt under control. Borrowing nearly $8 billion a day is clearly unsustainable, and continuing down this path undoubtedly threatens our economy, our national security, and the well-being of future generations.
The news comes as Congress considers a spending measure to avoid an imminent government shutdown and debates making Trump’s tax cuts permanent, which are expected to add trillions to the debt.
MacGuineas said the U.S. is on track to borrow over $2 trillion this fiscal year. Before the COVID-19 pandemic, deficits never topped $1 trillion.
“This month’s projections are a stark reminder of our nation’s increasingly dangerous fiscal situation,” she said.
