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Co-Chairs Daniels, Panetta, & Penny Statement on FY 2019 Deficit

Oct 25, 2019 | Budgets & Projections

For Immediate Release

The Treasury Department released Friday the final deficit total for Fiscal Year 2019, which ended on September 30. Figures show the deficit rose by $205 billion to $984 billion total – a 26 percent increase from the previous year and 48 percent increase since 2017. The following are statements from Committee for a Responsible Federal Budget co-chairs Mitch Daniels, Leon Panetta, and Tim Penny:

Mitch Daniels:

Our nation’s leaders are in debt denial, running up red ink all while ignoring trillions of dollars in shortfalls for Social Security, Medicare, and other programs that many millions of Americans rely upon. We are at a turning point – without action now to phase in reforms over the coming years, Americans will face a much different future than the one that was promised. We can’t wait for another year or another Congress or another president to tackle these challenges.

Leon Panetta:

A deficit of this size following the longest span of economic growth in history shows just how reckless our leaders have become. This is exactly the time when deficits should be contracting, not expanding. But instead of getting our fiscal house in order and preparing for the next downturn, our leaders continue to binge on debt-fueled tax cuts and spending hikes rather than showing the leadership necessary to set our fiscal path.

Tim Penny:

By next year, our deficits will likely top one-trillion dollars and keep rising indefinitely. It is unsustainable by any measure. Throwing tax cuts and spending increases on the national credit card were not examples of bipartisanship or leadership. They were examples of irresponsibility and short-sightedness. It is time to stop fighting and come together to solve our nation’s biggest fiscal challenges.

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For more information, please contact Patrick Newton, press secretary, at newton@crfb.org.