As Predicted, Deficits Skyrocket After GOP's Ultra-Rich Tax Cuts
April 13, 2018
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6:02Now PlayingAs Predicted, Deficits Skyrocket After GOP's Ultra-Rich Tax Cuts
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as posted by the channelThis year's federal budget deficit will rise to $804 billion and is projected to nearly hit $1 trillion in 2019, largely because of the GOP tax cuts and the bipartisan $1.3 trillion spending package approved last month, according to updated projections released Monday by the Congressional Budget Office (CBO).
The $804 billion deficit this year would be a $139 billion increase over 2017, with the total representing 4 percent of gross domestic product (GDP).
In 2019, deficits would rise to $981 billion before peaking at 5.4 percent of GDP in 2022, according to the CBO's "Budget and Economic Outlook" report...
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