The $691 billion federal deficit racked up in the first five months of the year is almost already higher than the 12 month total of all but five years in the country’s history, according to a report by Newsweek.
If spending continues at the same pace, the national debt will climb from 78 percent of annual GDP to 105 percent of GDP in the next ten years, according to the Peter G. Peterson Foundation. “Beyond 2029, if current laws remained in place, deficits would grow, driving debt to its highest levels in the nation’s history,” according to a report by the Congressional Budget Office.
The Trump administration approved a $1.2 trillion tax cut while also raising federal spending. According to Maya MacGuineas, president of the Committee for a Responsible Federal Budget, the last Congress approved a combined $2.4 trillion in tax cuts and spending increases.
Just this week, President Trump, House Speaker Nancy Pelosi, and Senate Minority Leader Chuck Schumer discussed a $2 trillion infrastructure plan.
According to the Committee for a Responsible Federal Budget (a federal budget-focused bipartisan organization), the deficit would have dropped to $360 million -- the lowest since 2007-- if Trump’s tax cut and spending hikes had not been approved.
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