US deficit to approach $1tn after Trump tax cuts and spending bill, CBO says

Anyone remember what #45 said he would do about the deficit? This is not it!

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Congressional Budget Office says economic growth from tax cuts will only partially offset deficit cost, despite White House claims

The combined effects of Donald Trump’s tax cuts and last month’s budget-busting spending bill is sending the US budget deficit toward the $1tn mark next year, according to a new analysis by the Congressional Budget Office.

The CBO report said the twin tax and spending bills will push the budget deficit to $804bn this year and just under $1tn for the upcoming budget year. Economic growth from the tax cuts will add 0.7% on average to the nation’s economic output over the coming decade, the analysis said, only partially offsetting the deficit cost of the tax cuts.

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