The Congressional Budget Office predicts what most of us KNOW….
A tax cut and a spending budget that breaks the sequester limits is gonna equal a national debt as $16 trillion….
That’s a LOT of RED ink....(The MOST since WWII)
Trump has alsways sid he loves debt….Using Other people’s money….
Propelled by the Republican tax-cut plan and increased government spending favored by both parties, the nation’s deficit will top $1 trillion by 2020 and its debt burden within a decade will approach rates not seen since the aftermath of World War II, the Congressional Budget Office said Monday.
The budget deficit next year will rise to $804 billion, or $139 billion higher than the estimates made before the $1.5-trillion tax plan and $1.3-trillion spending bill were signed into law by President Trump in December and March, respectively.
The national debt will rise from nearly $16 trillion at the end of 2018 to almost $29 trillion by 2028, the nonpartisan office said.
“The bigger the debt, the bigger the chances of a fiscal crisis,” CBO Director Keith Hall warned Monday, noting that debt as a percentage of the gross domestic product in 2028 will be the highest since 1946….