Chairman Enzi: Soaring Deficits Show Our Fiscal Path is Unsustainable
Written by Basinradio on October 28, 2019
WASHINGTON, D.C. – Senate Budget Committee Chairman Mike Enzi (R-WY) released the following statement today after the Department of Treasury issued its monthly treasury report showing the federal government’s deficit rising by more than 26 percent from last year to $984 billion:
“Today’s report shows that our nation’s current fiscal path is unsustainable. In the last twelve months, the federal deficit has surged more than 26 percent. While the federal government’s revenue continues to grow, spending is growing twice as fast. It is time to change the way we do things in Washington. We simply cannot afford to continue ignoring the fiscal challenges our nation faces.”
The Final Monthly Treasury Statement for fiscal year 2019 shows that revenues grew at rate of 4 percent over the previous year, while spending was up 8 percent over the same period.