Washington just closed the book on the federal government’s latest dismal fiscal year. According to the nonpartisan Congressional Budget Office, this year picked up where last year left off – extending spending, deficit, and debt records.

Federal spending this year amounts to $3.453 trillion. To put this in context, consider the fact that total federal debt did not reach that level until 1995. Which means that Washington is now spending annually an amount equal to all it owed just 15 years ago.