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Think you're smart about deficits? Try this
Deficits. Taxes. Spending. Could you help Washington find a way out of the nation's fiscal pickle? Take the CNNMoney debt quiz.
By Jeanne Sahadi, senior writer
Score so far:
5. What percent of the deficit projected for 2021 will be due to interest payments alone?
80%. A fairly fat sum. Interest owed will account for 80% -- or $931 billion -- of the $1.16 trillion projected deficit for that year, according to the CBO analysis of the president's budget proposal. That $931 billion, combined with the spending on Medicare, Medicaid and Social Security would eat up 89% of all federal tax receipts. So 89 cents of every tax dollar will be spoken for before lawmakers consider what to spend on everything else from education to infrastructure to defense.
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Everybody's talking about debt. No wonder: The country's tab is a whisker away from the current debt ceiling. (
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Unless we make big changes, 92% of U.S. tax revenue could go to just 4 things – leaving just a sliver to pay for everything else. (
Take the Social Security quiz
As policymakers and politicos argue about its fiscal condition, here's a quick test of what you know. (