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New analysis sees return of trillion-dollar budget deficits

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Published : March 02nd, 2018
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By Andrew Taylor
Associated Press
via Minneapolis Star Tribune
Friday, March 2, 2018

WASHINGTON -- Trillion-dollar budget deficits are returning next year, and $2 trillion-plus deficits are not far off in the wake of President Donald Trump's tax cuts and last month's big budget deal, a private group warned in a new analysis today.

The analysis, by the Committee for a Responsible Federal Budget, says that the separate tax and spending measures, along with increased borrowing costs, promise to add $6 trillion to the nation's already rapidly rising debt in the coming decade.

It assumes that Washington continues to fail to take steps to rein in spending and that the tax cuts and budget-busting spending deal are made permanent. If so, the government's yearly deficit would grow to $2.4 trillion in 10 years.

By contrast, Trump's recent budget plan -- which relies on greater economic growth than most other forecasts and promises deep, unlikely cuts to domestic agencies -- says the 2028 deficit could be brought down to less than $400 billion.

The group, which advocates for smaller deficits and curbing federal benefit programs such as Medicare, warns that "these projections show a fiscal situation that is clearly unsustainable." ...

... For the remainder of the report:

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