- Oct 2010
The party of fiscal responsibility. Of family values. Of the Moral Majority. Of conservatism. For a balanced budget.......
Years of red ink ahead for the federal budget thanks to GOP tax law
A decade of red ink is on the way for the federal budget, in large part because of the GOP tax law enacted in the first year of the Trump presidency, a congressional scorekeeper forecast Monday
The Congressional Budget Office estimates that the U.S. federal budget deficit will blow past $1 trillion within two years, hitting that mark for the first since time since 2012.
Legislation passed by the GOP-led Congress — including last month’s mammoth spending bill — will push up the cumulative deficit over a decade by $1.6 trillion compared with the CBO’s last estimate in June 2017.
The nonpartisan CBO estimates that the GOP tax law alone will add $1.852 trillion to the deficit over a decade, after accounting for the expected short-term boost to the economy.
The U.S. is now projected to hit the $1 trillion deficit mark two years ahead of previous estimates.
The CBO had projected in June that the federal deficit wouldn’t cross that threshold until fiscal 2022.