Sep 13, 2024
Veterans' Issues
On Halloween, Spanberger Calls for Congress to Address “Frightening” New U.S. Deficit Numbers
According to a Report Released by the Treasury Department Last Week, the Federal Deficit Totaled $984 Billion in Fiscal Year 2019—a 26 Percent Increase from 2018
WASHINGTON, D.C. – On Halloween, U.S. Representative Abigail Spanberger is sounding the alarm about scary new numbers from the U.S. Treasury Department showing a ballooning federal deficit and a massive national debt.
Last week, the Treasury Department released a new report showing a $984 billion federal deficit in Fiscal Year (FY) 2019. This startling number represents a 26 percent increase from FY 2018 and a 48 percent increase from FY 2017.
“Our national debt is no superstition—it’s a very real threat to our national security and overall economic strength. The frightening numbers released by the Treasury Department last week present a haunting image—as we continue to postpone getting our nation’s fiscal house in order, we are endangering the financial futures of our children and grandchildren,” said Spanberger. “These unsettling deficit levels contribute to a shocking amount of national debt, which cripples our long-term ability to fund our military, protect Social Security and Medicare, and make smart investments in the next generation of Americans. Since coming to the House, I’ve stressed the urgent need to responsibly tackle our national debt and build a pathway toward a balanced budget, and I’ll keep working with my colleagues to make sure our district’s trick-or-treaters aren’t saddled with a ghastly debt burden when they are older.”
According to the nonpartisan Committee for a Responsible Budget, the FY 2019 federal deficit represents 4.6 percent of the country’s Gross Domestic Product (GDP), the highest share of GDP since 2012.
BACKGROUND
Spanberger has repeatedly called on lawmakers to address the national debt, increase transparency in the budget process, and chart a path to a balanced budget. In July 2019, she voted against a budget bill that would have increased the U.S. national debt by nearly $2 trillion.
Last month, Spanberger urged U.S. House leaders to recommit to the principle of fiscal responsibility and abide by Congressional Pay-As-You-Go (PAYGO) budget rules. PAYGO budget rules make sure that any legislation that might increase the federal deficit is offset.
And earlier this month, she cosponsored a bipartisan bill to shed light on federal spending and help identify instances of wasteful programs.
###