Your Economy (No Politics)

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Deficit expected to hit one trillion dollars by the end of the month
Thanks to the Republican tax bill, of course.

The U.S. deficit will approach $1 trillion dollars by the end of this fiscal year, according to new estimates from the nonpartisan Congressional Budget Office. From this time last year until now, the U.S. deficit grew by $222 billion — reaching a total of $895 billion.

The CBO previously did not anticipate reaching $1 trillion dollars until 2020.

This latest analysis comes as House Republicans unveil their new round of tax cuts, colloquially named “Tax Cuts 2.0.” The cuts would add more than $2 trillion to the federal deficit over the next 10 years, according to a conservative estimate by The Washington Post. A more liberal estimate puts it at $3.4 trillion over the same time period. And that’s not even accounting for the $1.9 trillion dollar cost of the original GOP tax bill passed in December.

The second round of tax cuts, spearheaded by House Ways & Means Chairman Rep. Kevin Brady (R-TX), aims to fix what the original tax bill didn’t initially address. For example, while corporations enjoyed a permanent tax cut in the GOP tax bill, individuals and families were only offered a temporary cut that Congress would have to extend by 2025.
https://thinkprogress.org/deficit-expected-one-trillion-dollars-two-years-earlier-37a00472e3c3/