$1.8 Trillion Deficit Revealed Amidst “Pointless” Government Shutdown, Watchdog Says
The Committee for a Responsible Federal Budget (CRFB) has criticized the recent government shutdown and revealed a $1.8 trillion federal deficit for the fiscal year 2025. CRFB President Maya MacGuineas expressed concern, noting that the national debt is unsustainable and recommending extending spending caps and enforcing fiscal rules. Furthermore, the CRFB highlighted the urgent need to address the insolvency of Medicare and Social Security, and proposed establishing a fiscal commission to reduce deficits. The analysis emphasizes the need for bipartisan cooperation to enact sustainable fiscal policies, as echoed by financial figures such as Ray Dalio, who cautions against relying on debt-fueled growth.
John Q. Hosedrinker