Jessica Gregory/UWire

Third of budget goes to granny

Facts and figures about the national government’s deficit are often cited, but few understand the burden these shortfalls place on our generation. Whenever a government’s expenses exceed revenue, it makes up the deficit by selling bonds. Businesses suffer when investors buy government debt instead of investing in future productivity, and taxpayers ­— who pay back the debt plus interest — face an even higher bill. The deficit will be about $1.58 trillion in this fiscal year, according to official projections.