The federal deficit under President Donald Trump will top $1 trillion this year, the Congressional Budget Office announced in its annual fiscal outlook on Tuesday
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The gap between the amount of money the federal government spends and how much revenue it brings in is expected to continue to widen, averaging $1.3 trillion every year for the next decade. While the current economy is strong, the independent budget agency said the nation will suffer unless Congress makes “significant changes to tax and spending policies.
For example, the budget agency projects that the growth of consumer spending will level off as the boost from the 2017 tax overhaul diminishes.In a growing economy, revenues are on track to increase from 16.4 percent of GDP this year to 18 percent of GDP in a decade. CBO said growth partly reflects a scheduled increase in individual income taxes at the end of 2025.
At the same time, federal spending is also projected to rise, driven by increased spending for mandatory programs like Social Security and Medicare, in addition to interest on the national debt. An aging population and ballooning health care costs will continue to drive federal spending well beyond 2030, CBO notes.The national debt topped $22 trillion just two years into Trump’s tenure, and federal debt held by the public is projected to rise to $31.4 trillion at the end of 2030, CBO said.
Absent significant policy changes, debt held by the public could climb as high as 180 percent of GDP in 2050, “well above the highest level ever recorded in the United States,” the budget office noted.
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