The Urgent Need to Address the Budget Deficit

The budget deficit in the US is a major concern, with last year's deficit standing at $2 trillion, twice as high as the previous year. The gap between spending and revenue is the primary cause, with spending at around $6.5 trillion and revenue at around $4.5 trillion. The revenue is relatively low, below the historic average, while spending on major health and retirement programs, interest costs, and defense and non-defense discretionary parts of the budget continue to rise. The deficit as a share of GDP is about 7.5%, an unprecedented level during peacetime. Projections suggest that deficits will remain over $2 trillion a year in the next decade, with increasing debt and interest costs becoming a future threat.