Time.com (@time_com) has expanded their coverage of the budget to include #concurrency, the idea that the fiscal deficit is a state of affairs in which a country’s money gets used in the wrong way by borrowing to pay for current government spending without investing it in new assets. Time.com (@time_com)
The federal budget is a gargantuan work of art that has grown ever more complex and multifaceted over the decades. But it should come as no surprise that our annual spending budget is one of the most-watched metrics in world politics.
While it’s fair to say that government spending, federal deficits and federal debt are not the most salient issues facing the United States today, these enormous three-letter acronyms do make a case for perspective and urgency.
‘Once you get beyond the bloviating aspect, it’s obviously still very large,’ says Reid Wilson (@reidwilsonMTP), a senior political reporter at Time.com (@time_com).
According to the Congressional Budget Office, which issues estimates for the U.S. Department of the Treasury and the U.S. government, $2.8 trillion — a third of the entire federal budget — will be in the red by fiscal 2021.