Breakingviews category · November 3, 2023 · 6:06 AM UTC“A billion here, a billion there”, Illinois Senator Everett Dirksen reputedly said of the U.S. budget deficit in the mid-1960s, “and pretty soon, you’re talking big money".
The senator would need to do some swift recalibrations were he confronted with today’s American public finances.
Last month, the Congressional Budget Office (CBO) reported that the federal budget deficit for the fiscal year ending September 30 had hit $1.7 trillion.
Shortly afterwards, the International Monetary Fund forecast that the deficit will continue at the same level for at least the next five years.
Meanwhile, government debt has tripled since the senator’s day to around 120% of GDP.
Persons:
Everett Dirksen, you’re
Organizations:
Congressional, Office, International Monetary Fund
Locations:
Illinois