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Bipartisan Shrug as US Budget Deficit Nears $1 Trillion
(Worthy News) - Washington is drowning in red ink again, yet the mounting fiscal problem is prompting collective yawns from the Trump Administration and Democrats alike.
It wasn’t so long ago that an announcement that the United States annual budget deficit was approaching $1 trillion -- in a time of record low unemployment and steady economic growth, no less -- would have set off alarm bells in the nation’s capital and sent politicians running to the television cameras to demand action to rein in federal spending. But a recent report from the U.S. Commerce Department’s Bureau of Economic analysis that shows the deficit ballooning to a seven-year high of $984 billion in fiscal 2019 was greeted with near silence from U.S. lawmakers, the administration and other policy makers.
Instead, as the 2020 presidential campaign heats up, Republicans and Democrats are promoting ambitious new spending and tax relief measures that would add many trillions of dollars to the cumulative federal debt – the sum total of past deficits -- which is now approaching a staggering $23 trillion. [ Source: VOA News (Read More...) ]