Analysis: Tax Cuts, Spending to Raise Deficit to $1 Trillion by 2020

Telegraph - Herald (Dubuque), April 10, 2018 | Go to article overview

Analysis: Tax Cuts, Spending to Raise Deficit to $1 Trillion by 2020


WASHINGTON - The combined effect of President Donald Trump's tax cuts and last month's budget-busting spending bill is sending the government's budget deficit toward the $1 trillion mark next year, according to an analysis by the Congressional Budget Office.

The CBO report said the twin tax and spending bills will push the budget deficit to $804 billion this year and just under $1 trillion for the upcoming budget year.

The CBO said economic growth from the tax cuts will add 0.7 percent on average to the nation's economic output over the coming decade. Those effects will only partially offset the deficit cost of the tax cuts. The administration had promised the cuts would pay for themselves.

Instead, Monday's report estimates that the GOP tax bill, which is Republican- controlled Washington's signature accomplishment under Trump, will add $1.8 trillion to the deficit over the coming decade, even after its positive effects on the economy are factored in. Republicans once laced into President Barack Obama for trillion-dollar-plus deficits but mostly fell quiet on Monday's news. …

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