Cato adjunct scholar John Cochrane has written a great piece on “national debt denial,” which I recommend reading in full.

The Congressional Budget Office has released new projections for federal spending and revenues through to 2030.

The U.S. Treasury reports that the federal budget deficit was $779 billion in fiscal 2018.

New projections show a grim fiscal future and crushing debt burdens on young Americans.

If Congress makes no reforms, federal spending is expected to rise from $4.14 trillion this year to $7.05 trillion by 2028.

Before President Trump and Republicans cut taxes in December, the federal budget deficit was projected to be $689 billion in 2019 and rising to $1 trillion by 2022.