.
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.
EC10677 If the US was a business it would be declared bankrupt
TrillionDollarDeficit TrillionDollarDeficitDon RepublicanDeficits RepublicanDeficits RepublicanDeficits RepublicanDeficits RepublicanDeficits RepublicanDeficits RepublicanDeficits RepublicanDeficits RepublicanDeficits RepublicanDeficits RepublicanDeficits
Tired winning yet?
Normal ‘modus operandi’ for him ... sinking into debt ... how many bankruptcies did he go through? ...
Failed..but where is Pelosi's name in here since she is responsible for the appropriations
How are we going to be able to borrow more money? The defector has increased and revenue has decreased. How much longer can we keep going like this?
People are saying we have the most tremendous deficit. It is the biggest deficit during an economic growth period they've ever seen. People love it and say they've never seen anything like it. They give me standing ovations for it all over the country.
TrumpLastDay WOW
That’s just his golf outings ⛳️
Haha, winning?
He bankrupted every business he had and now he’s bankrupting us.
Rest in peace to all of those fiscally conservative Republican😂 Sike
But we are fighting wars or bailing out the economy ....oh wait....
Thats like $3K per person
Ridiculous.
Yay!! More tax cuts for the super wealthy coming soon ... Awesome stuff, realDonaldTrump !!
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