The Congressional Budget Office on Monday projected that deficits and the national debt will rise dramatically in coming years, beyond the already daunting levels anticipated before the Trump administration took office.
The new estimate comes after several months marked by substantial policy changes, including a $1.5-trillion tax cut plan and a $1.3-trillion spending bill signed by President Trump.
The last CBO report issued during the Obama administration said that after a $587-billion deficit in 2016, the shortfall was expected to break the $1-trillion mark in 2023, rising to $1.4 trillion in 2027. The total over the 10-year span beginning in 2017 was projected to be $9.4 trillion.
The new report said 10-year debt will now hit $12.4 trillion, after breaking the $1-trillion mark in 2020.
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