As Deficit Soars Toward $1 Trillion, Congress Shrugs and Keeps Spending

WASHINGTON — Treasury Secretary Steven Mnuchin urged Congress on Tuesday to raise the federal government’s statutory borrowing limit and said Washington must soon grapple with the mounting federal debt, just as lawmakers are embarking on a significant spending spree.Annual deficits are creeping up to 1 trillion a year and the national debt has topped 20 trillion.

On Monday, Treasury said that the United States will need to borrow 441 billion in privately-held debt this quarter, the largest sum since 2010 when the economy was emerging from the worst downturn since the Great Depression.

Yet the need to deal with the federal debt seems to have taken a back seat to other priorities, including the 1.5 trillion tax cut increased defense and domestic spending, and an expected infrastructure request from President Trump.

via MSN As Deficit Soars Toward 1 Trillion, Congress Shrugs and Keeps Spending