WHAT, ME WORRY? - NATION'S DEFICIT EXCEEDS STAGGERING ONE TRILLION DOLLARS

(08/22/2019)

By Bob Weaver While President Donald Trump governs America with fanciful tweets, amusing his supporters, there are looming problems in an America divided between "us" and "them." With nearly 80 of the nation's leading economists predicting a recession, the Congressional Budget Office is projecting the nation's deficit to exceed $1 trillion beginning next year and will average about $1.2 trillion annually over the coming decade. While the all-time high deficit is happening, much of it stems from Trump tax breaks given to America's wealth-holders. The office says the higher deficit projections also stems from recently enacted legislation that lifted the nation's debt limit. The higher projections come even as the CBO reduced its projections for interest rates, which lowers borrowing costs, and has it raised projections for economic growth in the near term. "The nation's fiscal outlook is challenging. Federal debt, which is already high by historical standards, is on an unsustainable course," said CBO Director Phillip Swagel. To put the country on sustainable footing, Swagel said lawmakers will have to make significant changes to tax and spending policies.

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