Not to sound like a broken record, but people should really be worried that the federal government keeps breaking records for annual deficits and long-term debt.

The Congressional Budget Office projected Monday that the federal deficit this year will reach $897 billion — unprecedented for a time of peace and low unemployment — and that the overall federal debt will continue growing as a percentage of the economy to levels never seen except during World War II.

Recommended Stories

Catastrophe awaits unless feds rein in the budget

The federal government booked a $1.8 trillion deficit last year

Deficit to triple to $3.3 trillion: Congressional Budget Office