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CBO says deficit and debt could grow - Trade Only Today

CBO says deficit and debt could grow

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According to the National Marine Manufacturer’s Association’s daily Currents newsletter, the latest Congressional Budget Office’s report on the federal government’s fiscal outlook generated media coverage that predicts the budget deficit and national debt will rise sharply under President Trump’s watch.

The AP reports that the CBO found “the combined effect of...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,” and the Washington Times says that “Trump has overseen a dramatic worsening of the government’s finances in his first 14 months in office, sending deficits soaring to more than $800 billion this year topping $1 trillion by 2020, and staying there every year for the foreseeable future.” That “will quickly push deficits back to the levels they were during the Obama administration, when the government was recovering from the Great Recession.”

Bloomberg News says that “even before the latest fiscal measures, the US budget gap was predicted to increase as an aging American population puts pressure on health care and retirement programs,” but to the New York Times “the flurry of recent legislation is making it difficult for Republicans to continue blaming President Barack Obama and Democrats for the government’s fiscal condition.”

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