President Donald Trump announced on Thursday that civilian federal employees will not receive a pay raise in fiscal year 2019 in order to “put our Nation on a fiscally sustainable course.”
President Donald Trump’s budget aims to drive economic growth through tax cuts and regulatory reform, bolster the military through defense spending, and achieve balance within a 10-year window, according to White House officials.
Federal debt held by the public is set to hit 77 percent of gross domestic product by the end of this year, the highest level seen since shortly after World War II, according to the Congressional Budget Office’s 2017 long-term budget outlook.
Former President Obama left office having added $9.3 trillion to the national debt, according to numbers from the Treasury Department.
Outstanding federal debt is projected to hit $28.2 trillion over the next decade, according to a report from the Congressional Budget Office.
Federal debt held by the public will nearly double as a percentage of gross domestic product over the next 30 years, according to projections from the Congressional Budget Office.