WASHINGTON, D.C. (WNAX) – Both the federal debt and deficit continue to rise, with no slowdown in sight.
The federal budget deficit is projected to be over $900 billion by the end of the fiscal year in September, and the federal debt is now over $16 trillion.
South Dakota Senator John Thune says it is an out of sight problem for the most part.
Thune says there has to be changes in entitlement programs like Social Security and Medicare.
Thune says while the economy has been growing, federal spending has been growing faster.
Thune says there is concern that if the economy stalls next year, the budget deficit could rapidly grow past a trillion dollars.