New analysis sees return of trillion-dollar budget deficits

Section:

This probably will require even more vigorous suppression of monetary metals prices.

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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.

... Dispatch continues below ...



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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:

http://www.startribune.com/new-analysis-shows-return-of-trillion-dollar-...

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