AP: “Borrowing, spending and budget deficits have soared during Mr. Trump’s first two years with a Republican-led Congress. The red ink for the current fiscal year is projected to reach nearly $1 trillion, up from a deficit of $833 billion in fiscal 2018. The smallest federal budget deficit in the past decade was $458 billion, in 2015. Even that relatively good year came on the heels of four consecutive trillion-dollar-plus deficits under President Obama. The overall national debt is a near-record 78 percent of gross domestic product, and it is forecast to equal the nation’s total economic output in 13 years. Four years from now, taxpayers will be paying more on interest payments on the federal debt than they pay for defense. Budget analysts who have been warning for years about the country’s worsening fiscal predicament are almost out of words.

“I don’t know what to say,” former Congressional Budget Office director Douglas Holtz-Eakin told a House committee this month. “The outlook is dire, and it will have consequences.”…