Trillion-dollar deficits on the horizon, experts warn worst is yet to come

Experts warn that the economy will revert to swelling deficits and unsustainable debt by 2018 as government spending swells.

“The growth in debt is not sustainable,” said Keith Hall, Director of the Congressional Budget Office.

“At some point, it’s going to get to a very high level. Obviously, you can’t predict tipping points, but at some point this becomes a problem.”

Judd Greg, a former senator and co-chairman of the advocacy group Fix the Debt, agrees. “I don’t know how anyone can declare victory when trillion-dollar deficits are just on the horizon,” he said. “While deficits are down this year, the real story is that they are on the rise and that our national debt is at record-high levels and growing.”

Sources:

WashingtonTimes.com

MoneyCNN.com

NBCNews.com