The 2030s Will Bring a "Fiscal Cliff": How It Got So Steep

In theory, governments are supposed to balance out deficits in bad times with surpluses in good times. In reality, the federal government has run a deficit almost every year. To visualize how the national debt reached nearly $40 trillion, let’s rewind the clock to 1962. That was the year when the Office of Management and Budget started to tally spending and revenue by category. Read Full Article »