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Congressional Budget Office: U.S. Deficit to Surpass $1 Trillion Two Years Ahead of Estimates
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[quote:Jillian Snark:MV8zOTAzMzczXzcwMzgyODU3XzE2OTI0NzFD] [b]New GOP tax cuts would add $3.8 trillion to deficit[/b] A second round of GOP tax cuts would add $3.8 trillion to the federal deficit over the next two decades, according to a report released this week by the Urban-Brookings Tax Policy Center. A bill that the House Ways and Means Committee approved Thursday, "Protecting Family and Small Business Tax Cuts Act of 2018," would reduce federal revenue by $631 billion from FY 2019-28 and an additional $3.15 trillion between FY 2029-38, the group estimated. http://thehill.com/policy/finance/domestic-taxes/406584-new-report-finds-second-round-of-gop-tax-cuts-would-add-38 [/quote]
Original Message
The U.S. budget deficit will surpass $1 trillion by 2020, two years sooner than previously estimated, as tax cuts and spending increases signed by President Donald Trump do little to boost long-term economic growth, according to the Congressional Budget Office.
Spending will exceed revenue by $804 billion in the fiscal year through September, jumping from a projected $563 billion shortfall forecast in June, the non-partisan arm of Congress said in a report Monday. In fiscal 2019, the deficit will reach $981 billion, compared with an earlier projection of $689 billion.
The nation’s budget gap was only set to surpass the trillion-dollar level in fiscal 2022 under CBO’s report last June.
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