[finnbow]

America’s deficit is growing sharply and will surpass $1 trillion per year by 2020, the Congressional Budget Office reported Monday.

The federal deficit will hit $804 billion in fiscal year 2018, a 21 percent increase from 2017’s deficit of $665 billion, CBO said.

President Trump and congressional Republicans in December passed a new tax law projected to cut government revenue by more than $1 trillion over the next 10 years. In March, members of both parties approved a funding measure to increase military and domestic spending by nearly $300 billion over the next two years.

Together, the new measures will add $1.6 trillion to deficits over the next decade, CBO reported.

https://www.washingtonpost.com/busin...9f0_story.html