Commentary: When soaring deficits come home to roost
On Wednesday, the bipartisan Congressional Budget Office updated its estimates for the federal budget deficit. CBO now estimates deficits in excess of $1 trillion for next year, and every year thereafter for the next decade. Twenty-one cents of every dollar the federal government spends is borrowed, and that will remain true for the next 10 years (the outer boundary of the CBO estimate).
These annual deficits add to the total debt the federal government owes. As a
