https://www.msn.com/en-us/money/mark...cid=spartanntp
The nonpartisan Congressional Budget Office estimated Tuesday that the budget deficit would hit $1.02 trillion in the fiscal year that began on Oct. 1. That would be the first time it passed the $1 trillion mark since 2012, when Washington was still pursuing stimulus measures to help the nation recover from the Great Recession.
Borrowing is likely to continue to climb dramatically over the next decade, the CBO said, hitting an unprecedented $31 trillion by 2030.
Such steep borrowing increases are unusual right now because solid economic growth gives policymakers more tools to reduce the debt. Gross domestic product is expected to expand 2.2% this year, slower than targets set by President Donald Trump but a still-solid pace at this point in the expansion.
"That's a sad reflection of our nation's poor fiscal health, and it adds insult to injury that we're piling on all this debt in a growing economy," said Michael A. Peterson, the chief executive of the Peter G. Peterson Foundation, which advocates for deficit reduction. "If a policy is important enough to enact, it should be important enough to pay for."
Red ink has risen steadily under Trump, who vowed as a candidate to eliminate the national debt within eight years. On Wednesday, Trump sought to blame the Federal Reserve for borrowing costs he said impeded the ability to pay off debt. But interest rates are historically low, and economists say policy is driving the gap wider.
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Originally Posted by Zippyjuan
Socialist Trump ignores the decefit in SOTU speech
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