America's deficit is rising sharply and will surpass $1 trillion per year by 2020, a gap that has grown since Congress cut taxes and increased spending, the Congressional Budget Office reported Monday.
The consequences of this fiscal irresponsibility are reflected in the alarming projections released today by the CBO in its annual Budget and Economic Outlook. Deficits would grow to $1.5tn by 2028 - and could exceed $2tn if the tax cuts are fully extended and if Washington does not cut spending. "Most of this growth is driven by consumer spending and business investment, but federal spending also contributes a significant amount this year", Hall said. And not a word from the debt and deficit mob and those conservatives who reckon higher spending will be inflationary.
The report said the debt burden would approach 100 percent of the GDP by 2028, the highest level since just after World War II. And the tax cut is the major reason: "Accounting for most of that difference is a $194 billion reduction in projected revenues, mainly because the 2017 tax act is expected to reduce collections of individual and corporate income taxes".
The Congressional Budget Office projected ballooning deficits over the next several years, without figuring in the potential economic impact from steep tariffs on certain markets proposed by the White House.
Republicans and Democrats alike bemoaned the growing deficits Monday but offered opposing suggestions for how to deal with it.
Within a few years, we might be wishing for the return of merely trillion-dollar deficits.
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My own money that I have to go to Wells Fargo and write a check. "I just didn't want to deal with the whole abortion thing". I want people to look good, to look high end with a good budget price, and this is the ideal opportunity.
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The CBO's latest projections are hardly surprising.
The Congressional Budget Office's projections for President Trump's tax cuts are not good.
Those effects will only partially offset the deficit cost of the tax cuts.
The POTUS has indeed surprised the country, as according to the CBS' estimate, the 2018 deficit is $242 billion more than the office calculated previous year.
While the GOP's tax cuts are a driving factor of new deficit spending, the tax cuts are also projected to boost earlier forecasts for economic growth and unemployment. In our projections, budget deficits continue increasing after 2018. For instance, he promised to "reduce our $18 trillion in debt", said he would "freeze the budget" and even told journalist Bob Woodward he could get rid of the debt "fairly quickly". "The longer you wait, the more draconian the measures have to be to fix the problem". Pat ToomeyPatrick (Pat) Joseph ToomeyWH backpedals on Trump's "due process" remark on guns Top GOP candidate drops out of Ohio Senate race Newly declassified memos detail extent of improper Obama-era NSA spying MORE (R-Pa.).
The Concord Coalition is a nonpartisan, grassroots organization dedicated to fiscal responsibility.