spending and revenues will balloon over 1 trillion dollars in fiscal 2020 and keep expanding for years.
"If current laws governing taxes and spending generally remained unchanged, the federal budget deficit would grow substantially over the next few years", the nonpartisan Congressional Budget Office wrote in its 10-year budget forecast, "with accumulating deficits driving debt held by the public to almost 100 percent of GDP by 2028".
Members of both parties further added to the deficit in March when they increased military and domestic spending by almost $300 billion over the next two years.
It will add some 3 million more jobs in 2018 and 2019 than the CBO predicted in its last report, which will send the jobless rate even lower.
The CBO said that "such high and rising debt would have serious negative consequences for the budget and the nation", which would include limiting the government's flexibility to introduce new policies and making it vulnerable to fiscal shock.
The CBO reported that from 2021 to 2028, deficits will average 4.9 percent of the total American economy - higher than at any point since World War II other than during the recession in 2008 and 2009.
"The CBO's latest report exposes the scam behind the rosy rhetoric from Republicans that their tax bill would pay for itself", Schumer said in a statement. The Republican tax legislation, passed by Congress without Democratic support, along with a recent bipartisan $1.3 trillion spending package, are expected to drive economic growth faster than initially expected, CBO said.
At 11 years, the report covers a slightly longer time period than the usual 10-year projections, but even accounting for just the first decade, the figure remains around $1.9 trillion.
Numerous new major tax cuts and huge spending commitments introduced by the Donald Trump administration since he took office 18 months will really begin to be felt in terms of treasury coffers by the end of his first term.
The analysis "confirms that major damage was done" by the new tax law and the spending bill, said Michael Peterson, head of the nonpartisan Peter G. Peterson Foundation. "Most of this growth is driven by consumer spending and business investment, but federal spending also contributes a significant amount this year", Hall said. But such a measure has little chance of passing and the effort will largely be about political messaging.
Trump has routinely ignored the debt and deficit.