Monthly deficit reaction
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The Treasury Department today reported that the federal government accumulated a $135.9 billion deficit for the month of May. While this is less than the consensus estimate, it is still an astonishing figure. The federal government has now run a monthly deficit for 20 straight months – the longest string on record.
Even if the government managed to avoid any further deficit spending this calendar year, the debt accumulated through the end of May – roughly $550 billion — would still be greater (adjusted for inflation) than the debt accumulated during any single fiscal year since World War II, with the notable exception of 2009.
Deficits like this will continue into the future until something is done to rein in Washington’s excessive spending. Congress must begin work immediately on a responsible budget that cuts wasteful government spending.