Under Trump and the Republicans?
Spending is off the hook…..
Don’t Republicans stand for LESS government spending?
Federal Debt held by the public is on track to hit “unprecedented” levels, rising from the current 78 percent of GDP to 144 percent by 2049 if current laws are maintained, according to a new report from the nonpartisan Congressional Budget Office (CBO).
But the report found that if Congress works to wipe out scheduled spending and tax changes currently in law, which include sharp spending drops set to go into effect in 2020 and the expiration of income tax cuts scheduled for 2026, debt would rise to 219 percent of GDP.
The CBO says that such debt increases could pose “substantial risks.”
“The prospect of such large deficits over many years, and the high and rising debt that would result, poses substantial risks for the nation and presents policymakers with significant challenges,” said CBO director Phillip L. Swagel.
In CBO’s central projection of 144 percent of GDP, the government would spend more on interest payments than the entire discretionary budget, which includes defense and all domestic programs, by 2046….