Trillion-dollar deficits come roaring back under Trump
(Worthy News) – Republicans’ tax cuts and the new spending bill Congress approved last month will send the economy surging this year to 3.3 percent growth — but will also send the deficit soaring back to the record levels of the early Obama years, the Congressional Budget Office said Monday.
Deficits will top $800 billion this year and will reach $1 trillion by 2020, just as President Trump prepares to face voters in his bid for re-election. They will remain above $1 trillion for the foreseeable future, the analysts said, painting a better economic picture but a significantly worse fiscal picture than last year.
Those deficits will quickly build, doubling the government’s main pool of debt over the next decade. Debt held by the public will stand at a staggering $29 trillion by 2028, the analysis said, prompting a warning from CBO Director Keith Hall. [ Source: Washington Times (Read More…) ]
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