A new Treasury Department projection estimates the federal government will issue $1.34 trillion in new debt in 2018, marking the highest total debt issuance since America was in the throes of the Great Recession, according to Business Insider.
This year’s debt issuance is 146 percent higher than 2017, which saw $546 billion in debt issued.
> The numbers come after the Treasury announced in early October that the budget deficit for fiscal year 2018 (which ran from October 2017 through September) hit $779 billion, a 17% jump from the previous fiscal year and the highest level since 2012.
> The deficit is expected to come in just shy of $1 trillion for fiscal year 2019 and will eclipse the $1 trillion mark in the following four years, according to official Trump administration estimates.
A drop in corporate tax revenue slowed federal revenue growth for 2018, the Treasury reported.
> The GOP law is expected to add $1.5 trillion in debt over the next 10 years. At the same time, higher levels of spending from the budget deal caused overall spending to jump.
Republicans are taking advantage of the situation to call for cuts to entitlement spending, meaning Social Security and Medicare could end up on the chopping block.
> Early polling shows that most Americans would prefer Congress deal with the deficit and debt by reversing the tax law's cuts rather than reducing spending on entitlements.