Budget agency predicts trillion-dollar deficits for years to come, as red ink explodes
ICYMI: Budget agency predicts trillion-dollar deficits for years to come, as red ink explodes
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 rare heights, almost equaling the nation's Gross Domestic Product. “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 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 rare heights, almost equaling the nation's Gross Domestic Product. “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.
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