Going for Broke, Deficits, Debt, and the Entitlement Crisis The presenter was Michael Tanner, Senior Fellow, at Cato Institute. He talked about the budget deficits which was more than $1.3 trillion in 2011 and becomes around $0.44 trillion in 2015. After that, the economists such as Paul Krugman said “the deficit problem is mostly solved”. But there is a problem, the projected deficits will be more than 1 trillion dollars in 10 years. The budget deficit is how much money the government spend for more than what it gets. Also, the national debt (combined of debt to public and intergovernmental debt) nowadays is $19.5 trillion and it is projected to be more than $27 trillion. United States pays about 350 million dollars every year for interests.
