WASHINGTON (AP) - The combined effects of President Trump's tax cuts and last month's budget-busting spending bill is sending the government's budget deficit toward the $1 trillion mark next year, according to a new analysis by the Congressional Budget Office. The deficit is how much Washington's spending exceeds its revenues.
Altogether, deficits over the decade will be $1.6 trillion higher than previously projected by CBO and by 2028, debt held by the public would total almost 100 percent of GDP; the most since post-World War II.
In the next few years, deficits will "grow substantially" before stabilizing in 2023, resulting in a projected cumulative deficit of $11.7 trillion for 2018-2027, the CBO said.
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The federal deficit - the gap between how much the government takes in and how much it spends - will hit $804 billion in fiscal 2018, up 21 percent from 2017, the CBO said.
Trump called the $1.3 trillion spending measure last month a "ridiculous situation" and said he only signed it to protect defense spending. Trump has ruled out cuts to Social Security and Medicare, and Capitol Hill Republicans have failed to take steps against the deficit since Trump took office. If lawmakers renew tax cuts expected to expire under the new tax law, there would be "even larger increases in debt".
The CBO's report has been revised to incorporate the effects of a new $1.3 trillion government spending bill and the $1.5 trillion in Republican-led tax cuts approved previous year. "The bigger the debt, the bigger the chances of a fiscal crisis". In that case, "I would bet our debt will be around 101% of GDP by the end of 10 years", MacGuineas said.
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"It's going nowhere", said Sen. The administration had promised the cuts would pay for themselves. "The American people deserve a Congress that is focused squarely on helping the middle class, not patronizing Kabuki theatre - like sham "balanced budget" votes - from Republicans who blew up the deficit to benefit wealthy special interests". A bigger share of the annual government budgets - now about US$ 4 trillion - would have to be devoted to paying interest charges on the growing debt and could also lead to higher interest charges for USA businesses and consumers. CBO says the tax cuts will boost the economy by an average of 0.7 percent and create 1.1 million more jobs over the next decade than previously anticipated. If the U.S. recovery becomes a slow down, then debt and deficit will rise even faster.
"In our economic projections, which underlie our budget projections, inflation-adjusted GDP, or real GDP, expands by 3.3 percent this year and by 2.4 percent in 2019". CBO attributes these economic trends to the three major laws mentioned above, along with rising federal budget deficits over the ten-year window.
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