CBO: 2018 budget deficit to reach $804B

Donald Trump's tax cuts and spending increases are forecast to inflate the US deficit

The GOP's signature tax law is projected to increase the national debt by $1.9 trillion between 2018 and 2028, according to a new report by the Congressional Budget Office (CBO).

In its 11-year estimate, CBO estimated that interest payments would account for $582 billion of the $1.9 trillion total deficit increase.

Trump called the $1.3 trillion spending measure last month a "ridiculous situation" and said he only signed it to protect defense spending.

"Federal debt is projected to be on a steadily rising trajectory throughout the decade".

It added that debt would hit $28 trillion, or about 96% of GDP, by 2028.

Korean human rights in talks with Kim
He also visited the Seoul National Cemetery to pay tribute to Korean War veterans before returning to Japan. Diplomatic sources said Kono is anxious that Japan could be left out of talks on the Korean Peninsula.

But if warnings of a future fiscal crisis turn out to be true, lawmakers might be forced to take painful steps, Hall warned, that would be more draconian than if they tackled the deficit now.

Others estimated that a dynamic score of the tax law - one that incorporated macroeconomic effects - would reduce the $1.5 trillion cost of the tax cut down to $1 trillion in added debt.

Between the lines: Republicans have spent almost a decade campaigning on fiscal restraint.

Van Hollen also expressed worry that Republicans will use this news to cut into entitlement programs like Social Security. The political theory behind this combination was that Republicans needed to take advantage of their full control of government to pass the tax cuts Democrats opposed, which exclusively benefit the very rich.

"Anyone who argues this course can continue is living with blinders", said Campaign to Fix the Debt Co-chairmen Judd Gregg, a former GOP senator, and Ed Rendell, a former Democratic governor. Real growth in gross domestic product, which past year was projected to be 2 percent in 2018, will now reach 3.3 percent.

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Perhaps even more striking is the employment picture, where the economy is going gangbusters. Real GDP will expand 3.3 percent in 2018 and 2.4 percent in 2019.

"To address our federal debt, we must slow the growth of entitlement spending, increase revenues with a growing economy, and make responsible spending cuts", Lankford said in a statement. By 2020 - just as Mr. Trump is facing voters for re-election - GDP growth will have slipped back below 2 percent. The Trump tax cuts were designed with permanent cuts for corporations and heirs of large estates, coupled with temporary, expiring tax cuts for the middle class. A $1.3 trillion 2018 spending bill was approved last month with bipartisan support as a result of that deal.

That review looked at the impact of the Trump legislation which slashed cutting taxes by $US1.5 trillion over 10 years, followed by a bill passed in March that lifts ceilings on discretionary spending over two years.

The government would borrow about 19 cents of every dollar it spends this year.

Roma dreaming of Kiev after comeback against Barcelona
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