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The Congressional Budget Office (CBO) released a new budget analysis today that predicts the federal budget will see trillion dollar annual deficits for years to come, based on present government spending.
The Congressional Budget Office (CBO) released a grim update Wednesday to its economic outlook for the next decade, predicting average national deficits of $1.2 trillion every year through 2029, due in large part to recent budget and border security bills.
The CBO report noted that, as one of many repercussions from free-spending policies, federal debt held by the public is projected to reach heights not seen since the 1940s, almost equaling the nation’s Gross Domestic Product. “As a result of those deficits, federal debt held by the public is projected to grow steadily, from 79 percent of GDP in 2019 to 95 percent in 2029—its highest level since just after World War II,” the report says. The GDP itself is also expected to see a slowdown in growth in the coming years.
The CBO report underscores how deficits are rising once again, as Democrats and Republicans in Congress — and the Trump administration — show little interest in tackling the red ink. [emphasis mine]
Trump is not breaking any promises in doing nothing to restrain spending. He has never shown much interest in reducing the deficit, and in fact has often appeared eager to spread government cash around freely.
The Republicans in Congress however have repeatedly campaigned on a platform of fiscal responsibility. They have also repeatedly proven that platform to be an outright lie. Once elected they have routinely spent money as willingly as the Democrats, and the new budget bill recently agreed to by Congress and Trump underscored this, as they went along with a deal that removed all the restraints of sequestration that had helped limit budget growth for the past six years.