Congressional Budget Office says economic growth from tax cuts will only partially offset deficit cost,despite White House claimsThe combined effects of Donald Trump’s tax cuts and final month’s budget-busting spending bill is sending the US budget deficit toward the $1tn mark next year, according to a new analysis by the Congressional Budget Office. The CBO report said the twin tax and spending bills will push the budget deficit to $804bn this year and just under $1tn for the upcoming budget year. Economic growth from the tax cuts will add 0.7% on average to the nation’s economic output over the coming decade, or the analysis said,only partially offsetting the deficit cost of the tax cuts. Related: Donald Trump is making America's deficits worthy again Continue reading...
Source: theguardian.com