As Predicted, Deficits Skyrocket After GOP’s Ultra-Rich Tax Cuts…


Date: April 15, 2018

01) As Predicted, Deficits Skyrocket After GOP’s Ultra-Rich Tax Cuts


“This year’s federal budget deficit will rise to $804 billion and is projected to nearly hit $1 trillion in 2019, largely because of the GOP tax cuts and the bipartisan $1.3 trillion spending package approved last month, according to updated projections released Monday by the Congressional Budget Office (CBO).

The $804 billion deficit this year would be a $139 billion increase over 2017, with the total representing 4 percent of gross domestic product (GDP).

In 2019, deficits would rise to $981 billion before peaking at 5.4 percent of GDP in 2022, according to the CBO’s “Budget and Economic Outlook” report…

Citation:
http://thehill.com/policy/finance/382309-budget-deficit-to-hit-804b-after-tax-cuts-spending-hikes

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