ClydeR
01-25-2017, 04:52 PM
In fiscal year 2016, for the first time since 2009, the federal budget deficit increased in relation to the nation’s economic output. CBO projects that over the next decade, if current laws remained generally unchanged, budget deficits would eventually follow an upward trajectory—the result of strong growth in spending for retirement and health care programs targeted to older people and rising interest payments on the government’s debt, accompanied by only modest growth in revenue collections. Those accumulating deficits would drive debt held by the public from its already high level up to its highest percentage of gross domestic product (GDP) since shortly after World War II.
More... (https://www.cbo.gov/publication/52370)
That assumes Congress makes no changes in the tax laws or in spending. In fact, though, Congress plans to cut taxes drastically, which everybody knows is the best way to decrease the deficit.
WASHINGTON — After seven years of fitful declines, the federal budget deficit is projected to swell again, adding nearly $10 trillion to the federal debt over the next 10 years, according to projections from the nonpartisan Congressional Budget Office. The numbers reveal the strain that government debt could have on the economy as President Trump presses to slash taxes and ramp up spending.
More... (https://www.nytimes.com/2017/01/24/us/politics/budget-deficit-trump.html)
More... (https://www.cbo.gov/publication/52370)
That assumes Congress makes no changes in the tax laws or in spending. In fact, though, Congress plans to cut taxes drastically, which everybody knows is the best way to decrease the deficit.
WASHINGTON — After seven years of fitful declines, the federal budget deficit is projected to swell again, adding nearly $10 trillion to the federal debt over the next 10 years, according to projections from the nonpartisan Congressional Budget Office. The numbers reveal the strain that government debt could have on the economy as President Trump presses to slash taxes and ramp up spending.
More... (https://www.nytimes.com/2017/01/24/us/politics/budget-deficit-trump.html)