WASHINGTON, D.C. (KELO.com) — The federal deficit is forecast to total more than one trillion dollars by the end of the fiscal year in September.
Total federal debt is now estimated to top twenty-two trillion dollars at that same time.
Senator John Thune says this can keeps getting kicked down the road by administrations in both political parties, and that it needs to be dealt with by the presidential administration, regardless of who wins the upcoming election.
Thune says the last few administrations of both parties have all talked about the deficit but not done anything to tackle it. Thune fears that we may wait until there is a financial crisis to deal with the deficit, and he says that at that point, it will be too late.
(Jerry Oster of WNAX Radio also contributed to this report.)
