Fox News: Budget Agency Predicts Trillion-dollar Deficits for Years to Come, as Red Ink Explodes
Article by Ronn Blitzer in Fox News website
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 heights not seen since the 1940s, almost equaling the nation's Gross Domestic Product.
“As a result of those deficits, federal debt held by the public is projected to grow steadily, from 79 percent of GDP in 2019 to 95 percent in 2029—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 CBO report underscores how deficits are rising once again, as Democrats and Republicans in Congress -- and the Trump administration -- show little interest in tackling the red ink.
Sen. Rand Paul, R-Ky., was a vocal opponent of the budget bill, citing the effect it would have on the nation's fiscal health.
He excoriated his colleagues for supporting a deal he claimed “marks the death of the Tea Party movement in America.” Paul said “both parties have deserted” the U.S. and “show no care and no understanding and no sympathy for the burden of debt they are leaving the taxpayers, the young, the next generation and the future of our country."
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