trump.jpg

U.S. cruises toward record-breaking debt on Trump’s watch

Congress’ recent tax and spending laws — along with ballooning costs of government programs have jacked up federal spending in President Donald Trump’s first term. | Win McNamee/Getty Images

U.S. cruises toward record-breaking debt on Trump’s watch

The nation’s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump’s first term, Congress’ nonpartisan budget scorekeeper projected Tuesday.

Within 16 years, the federal deficit is expected to be the largest in history, outpacing even the fiscal shortfalls that followed World War II, according to Congressional Budget Office estimates.

Congress’ recent tax and spending laws — along with ballooning costs of programs like Social Security and Medicare — are also driving up the amount the government pays in interest on money borrowed to make up for the gap in cash coming in and going out.

Indeed, those interest payments will exceed the cost of all Social Security spending within decades, CBO predicts. Interest costs would also be higher than discretionary spending, which amounts to all federal dollars Congress controls.

POLITICO Playbook and get the latest news, every morning — in your inbox.

This content was originally published here.

Tags: No tags