Bor­ing but im­por­tant

The Week (US) - - 6 News -

The fed­eral deficit will ex­ceed $1 tril­lion an­nu­ally by 2020, the Con­gres­sional Bud­get Of­fice said this week—two years sooner than an­tic­i­pated, as tax cuts and spend­ing in­creases signed by Pres­i­dent Trump take ef­fect. Gov­ern­ment spend­ing will ex­ceed rev­enue by $804 bil­lion in fis­cal 2018, jump­ing sharply from an ear­lier fore­cast of $563 bil­lion. Be­tween 2021 and 2028, an­nual deficits will aver­age 4.9 per­cent of GDP—higher than at any point since World War II, other than dur­ing the re­ces­sion in 2008 and 2009. The to­tal na­tional debt will soar to more than $33 tril­lion in a decade, to 96 per­cent of GDP. The re­port is the first since Congress passed sweep­ing tax cuts and then a $1.3 tril­lion spend­ing bill that dra­mat­i­cally in­creased mil­i­tary spend­ing.

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