The CBO forecast that deficits will "increase rapidly this year and over the next few years", then stabilize, resulting in a projected cumulative deficit of $11.7 trillion for 2018-2027.
Former Fed Chair Janet Yellen, along with four other former chairs of the White House Council of Economic Advisers, write in today's Washington Post that the USA deficit will be rising in the coming years primarily because of the tax cuts passed last year, not because spending, especially for entitlements, has increased.
Donnelly said, "This report confirms my serious concerns about the ballooning deficit, which Speaker Ryan has said he wants to pay for through cuts to Medicare and Social Security, putting seniors and retirees at risk".
As a result, federal debt is projected to be on a steadily rising trajectory throughout the coming decade.
Donald Trump speaks to the press about the $1.3 trillion spending bill passed by Congress on March 23, 2018.
"The CBO's latest report exposes the scam behind the rosy rhetoric from Republicans that their tax bill would pay for itself", Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerTrump tax plan makes rich pay larger share; why is the left against it?
While the deficit is on the rise, Congress doesn't seem to be likely to cut spending. Those effects will only partially offset the deficit cost of the tax cuts.
"It's going nowhere", said Sen.
Last year's deficit registered $665 billion, which was well below the record $1.4 trillion posted during Obama's first year in office, when the Great Recession led to plunging revenues and a spike in spending.
"Most of this growth is driven by consumer spending and business investment, but federal spending also contributes a significant amount this year", Hall said.
Republicans treated deficits of this scale as unsafe portents of civilizational collapse during Barack Obama's first term, when the economy was recovering from the greatest financial crisis in three-quarters of a century.
The CBO's forecast shows the fiscal stimulus will lift growth rate in short term, but do little to boost economic prospect in longer term. Publicly held USA debt will total $28.671 trillion by the end of 2028, amounting to over 96 percent of US gross domestic product (GDP) that year.