"The Congressional Budget Office scored tax legislation enacted last year as increasing cumulative deficits by $3.4 trillion over a decade, with backloaded spending cuts smaller than combined tax cuts."
"The CBO is projecting deficits of around 6% of GDP each year for the next decade, numbers that predate the Iran war or Supreme Court tariff ruling."
"Those same CBO projections have the public debt soaring to 120% of GDP by 2036, compared to about 100% now, with debt service costs on track to exceed $2 trillion a year."
The Trump administration is requesting $200 billion for the Iran war and to replenish weaponry. The Supreme Court has invalidated the use of emergency authority for tariffs, leading to ongoing legal disputes over import tax refunds. Despite previous spending caps, federal spending remains unchecked. The Congressional Budget Office forecasts a $3.4 trillion increase in cumulative deficits over the next decade due to tax legislation. Projected annual deficits are around 6% of GDP, with public debt expected to reach 120% of GDP by 2036, resulting in soaring debt service costs.
Read at Axios
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