A look at recent statistics from the U.S. Treasury Department are truly worrisome.
The federal government ran a budget deficit of $195 billion for the first four months of fiscal year 2015, the Congressional Budget Office (CBO) estimates—$12 billion more than the shortfall recorded in the same span last year. Revenues and outlays were both 8 percent higher than they were at this time a year ago. If lawmakers enact no further legislation affecting spending or revenues, the federal government will end fiscal year 2015 with a deficit of $468 billion, or 2.6 percent of gross domestic product (GDP). The deficit occurred even as receipts through January totaled $1,041 billion, CBO estimates—$79 billion more than the amount collected in the same period last year. In January alone, the government had a deficit of approximately $17.5 billion, a dramatic increase from last year’s figure of $10.3 billion.
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The difficult political fact that Washington seems incapable of facing is that the federal government is far too deeply involved in matters better left to the states. Until it re-orients itself to those functions that are constitutionally envisioned for it, the federal government will continue to plunge faster and more unavoidably towards fiscal chaos.