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.


Related news:

Share this:

Hot News

isis-killer-beheading-video-story-top Indian troops martyr four youth in occupied Kashmir
Apr 12, 2018 - 00:40
Another injured person, identified as 30-year-old Aijaz Palla, later succumbed in a hospital, a health official said. The Joint Resistance Leadership called a Valley wide shutdown against the killings.

isis-killer-beheading-video-story-top Traumatic brain injuries up risk of dementia
Apr 12, 2018 - 00:40
According to the study authors, more than 50 million people every year experience a traumatic brain injury. Previous studies have been conflicting, because of small sample sizes and short follow-up periods.

isis-killer-beheading-video-story-top GOLDMAN SACHS: Tesla's production issues go beyond the Gigafactory
Apr 11, 2018 - 16:58
Tesla Motors had 42 analyst reports since October 16, 2017 according to SRatingsIntel. (NASDAQ: TSLA ) with "Buy" rating. Wealthcare Advisory Partners LLC purchased a new stake in shares of Tesla during the third quarter worth about $100,000.

isis-killer-beheading-video-story-top Man stabs woman over 'texture of his steak'
Apr 11, 2018 - 16:58
Soon afterward, Johnson confirmed she was newly single - and that her ex felt like a jerk for being called out online. Johnson said her ex-boyfriend told her he'll "use this as a learning experience to be a better person".

isis-killer-beheading-video-story-top Khloe Kardashian's man Tristan Thompson allegedly caught cheating on video
Apr 11, 2018 - 16:58
At the end of February the Kardashian sister revealed she was eight months along, meaning she is set to give birth any day now. The woman in the footage is seen getting back into a vehicle alone and carrying an overnight bag.

isis-killer-beheading-video-story-top Google has filed an appeal against CCI's verdict on search bias
Apr 11, 2018 - 16:56
Google has said it disagrees with aspects of CCI's decision, and so has filed an appeal and sought a stay on those findings. Since Google has appealed the judgement, it could be until sometime in 2018 before the final outcome its determined.

Here's who won't be invited to Prince Harry and Meghan Markle's wedding
Apr 11, 2018 - 16:56
Some celebrities who have allegedly been invited include the Spice Girls, Elton John and Ed Sheeran. The former Royal Irish Regiment soldier told The Irish News the invitation was "a wee bit surreal".

isis-killer-beheading-video-story-top Six dead after plane crash in Scottsdale
Apr 11, 2018 - 16:55
Tindouf is home to thousands of refugees from the Western Sahara standoff, many of them Polisario supporters. Instagram user @itsactuallyprettydope posted a photo of the plane in February saying he had just bought it.

isis-killer-beheading-video-story-top Apple's Lights Powered By 100% Renewable Energy
Apr 10, 2018 - 20:27
A floating solar photovoltaic facility outside Nagoya, Japan producing power for one of Apple's component suppliers, Ibiden. Google had purchased a sizeable amount of renewable energy in 2017 to cover all of its electricity consumption world-wide.

isis-killer-beheading-video-story-top Bill Cosby pays $3.38mn to settle sexual assault claim
Apr 10, 2018 - 20:27
The woman ran into a crowd of onlookers outside the Montgomery County Courthouse in Norristown , Pennsylvania , Monday morning. Even if Cosby is acquitted, he will never win back his reputation, crisis communications expert David La Torre said.

isis-killer-beheading-video-story-top Moses In Action As West Ham's Chicharito Punishes Chelsea
Apr 10, 2018 - 20:27
Otherwise, if you score only once, you stay in the balance - especially in England. They create a chance, they are ready to suffer and ready to win the game.

isis-killer-beheading-video-story-top New Mexico Sending 250 National Guardsmen to Border
Apr 10, 2018 - 20:25
His office says guard members will provide air, reconnaissance, operational and logistical support to border patrol agents. Doug Ducey addressed part of the force at Papago Park Military Reservation.

isis-killer-beheading-video-story-top Russian Federation says Israeli war planes attacked Syrian regime air base
Apr 10, 2018 - 20:23
And a prominent Republican senator warned Trump that a failure to act now could leave him in a weakened posture internationally. He even included Vladimir Putin, the Russian president in his rage against the chemical attacks on the civilians in Syria.

isis-killer-beheading-video-story-top LEADING OFF: Ohtani goes for Angels, Arrieta debut for Phils
Apr 10, 2018 - 20:22
The Athletics have scored 19 runs in their last three games and four or more runs in five of their first 10 games. He spent all spring watching pitchers jam him with inside fastballs, and once they tried it again, he was ready.

isis-killer-beheading-video-story-top Klopp on Everton draw: It's not the best day in my life
Apr 09, 2018 - 01:27
We carried on like this in the second half, but maybe in the last 10, 12, 15 minutes the game changed. The Englishman was making his first start of the season after recovering from injury.