The federal government is facing a massive spending problem.
Government spending is up to $7.0 trillion over the last 12 months.
Meanwhile government revenue is $5.4 trillion over the same period.
This results in a gap of $1.6 trillion between federal spending and revenue.
We are witnessing the widest gap in 23 years.
This is not temporary emergency spending anymore as it has become the new baseline.
You cannot run a deficit equivalent to 6% of GDP indefinitely when the economy is not in a recession. There is no long term plan here.
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The federal government is facing a massive spending problem.
Government spending is up to $7.0 trillion over the last 12 months.
Meanwhile government revenue is $5.4 trillion over the same period.
This results in a gap of $1.6 trillion between federal spending and revenue.
We are witnessing the widest gap in 23 years.
This is not temporary emergency spending anymore as it has become the new baseline.
You cannot run a deficit equivalent to 6% of GDP indefinitely when the economy is not in a recession.
There is no long term plan here.