The Congressional Budget Office is sounding alarms, but its unclear whether anyone is listening. This year, the budget deficit will likely hit $960 billion nearly a trillion. Over the next decade, the deficit is projected to break that amount each year.
Lets be clear about what the deficit is, and what its not. Put simply, its the yearly gap between the United States tax collections and its spending. That amount is then added to the overall national debt (currently more than $22 trillion).
Deficits have ballooned in the age of President Trump for a simple reason. Legislators cut taxes dramatically. A government starved of revenue is one that will run deficits, as weve seen in Kansas. And as everyone here knows all too well, promises that economic expansion will cover the cost of tax cuts is nonsense. The gaps turn into chasms, and government falters.
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