Interest payments account for half of FY 2018 deficit increase

Oct. 15, 2018, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement in response to the year-end FY 2018 deficit numbers:

“Looking at the just-released increase in the deficit, it is clear that the rising interest rates are indeed significantly increasing debt interest payments, which increased $65 billion. It is sobering that more than half of the 2018 deficit increase is attributable to interest payments on the debt. The Office of Management and Budget needs to work closely with Congress in trimming the planned 2019 spending splurge before our nation drowns in interest-only payments and they should start during the lame duck session of Congress after the election.”

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