Sunday, 16 December, 2018

US Deficit Racing Towards $1 Trillion as 'Fiscal Crisis' Looms

Donald Trump speaks during a campaign event in Hartford Conn. in April 2016 Donald Trump speaks during a campaign event in Hartford Conn. in April 2016
Andrew Cummings | 11 April, 2018, 12:41

A copy of the $1.3 trillion spending bill is stacked on a table in the Diplomatic Room of the White House in Washington, March 23, 2018. That is to say, the Trump tax cuts were always meant to cost more than their $1.5 trillion list price.

Jeff Stein, The Washington Post •.

Federal watchdog the Congressional Budget Office forecast the deficit to swell to $804bn this year, some $242bn more than it projected last summer. As deficits accumulate, debt held by the public rises from 78 percent of GDP (or $16 trillion) at the end of 2018 to 96 percent of GDP (or $29 trillion) by 2028.

But the flurry of new law is which makes it hard for Republicans to keep on blaming President Barack Obama along with Democrats to its federal government's fiscal condition. And the tax cut is the major reason: "Accounting for most of that difference is a $194 billion reduction in projected revenues, mainly because the 2017 tax act is expected to reduce collections of individual and corporate income taxes". GDP growth is forecast to slow down after 2020, in part because all of this economic stimulus is likely to drive up interest rates.

The government is slated to spend $4.1 trillion this year: $2.5 trillion of that on entitlements, $1.3 trillion on defense and domestic discretionary spending such as education and the environment, and $316 billion on interest payments on the debt.

The CBO report said the twin tax and spending bills will push the budget deficit to $804bn this year and just under $1tn for the upcoming budget year. Even under the sunniest set of assumptions, the tax bill will add between $1 trillion and $1.5 trillion to the deficit over the next decade; the spending plan tacked on another $320 billion.

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"The timing of this is really concerning because we're not coming out of a recession", Hall said Monday. Compared to the basic scenario, the alternative projects an additional $2.6 trillion in deficits over the next 10 years.

Republicans and Democrats alike bemoaned the growing deficits Monday but offered opposing suggestions for how to deal with it. On the Senate floor, Minority Leader Chuck Schumer (D-N.Y.) said the report is "a reminder of how unserious the current Republican Party is about deficits". Trump has ruled out cuts to social security or Medicare and Republicans on Capitol Hill have failed to take steps against the deficit since Trump took office.

CBO also assumes the middle class will face significant tax increases toward the end of the decade.

It said that while the measures will temporarily boost the USA economy, they will exacerbate its long-term debt.

It warned that it would have "serious negative consequences" for the US.

House Republicans have said they will take up a measure to balance the budget, now that lawmakers have returned from a two-week recess.

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