The latest budget numbers

  • 2018 fiscal year deficit hits $779 billion

  • 2017 deficit was $666 billion

  • September surplus $119B vs $107.5B consensus

  • 2018 outlays $4.11 trillion

  • Receipts $3.33 trillion

  • Deficit at 3.9% of GDP vs 3.5% a year ago

Enjoy the growth now, pay for it later.

The deficit grew 17% in FY 2018 and would have been even larger adjusting for calendar effects. Debt servicing costs are rising as debt mounts and interest rates climb.

Total US national debt is now $21.6 trillion.

Rising growth should help trim the deficit in the near term but long-term unfunded liabilities are a major risk in the decade ahead.