FISCAL BLOG

The latest OMB report marks the first time that the administration has acknowledged that deficits will surpass $1 trillion in the near term.

Unless addressed soon, the growing national debt will "seriously jeopardize and undermine the American economy," said former Secretary of Defense Leon Panetta.

Federal debt is already at its highest level since 1950 and is projected to climb to 152 percent of GDP under current law by 2048 — by far an all-time high.

While the Tax Cuts and Jobs Act of 2017 will likely boost economic growth in the near term, the effects of the legislation are temporary.

Economists generally agree that public investment in infrastructure has a positive effect on productivity, and therefore on gross domestic product.

CBO reports that the fiscal outlook is dramatically worse than it was last year, primarily due to the fiscally irresponsible tax legislation and budget deal.

On March 15, 2018 the federal government passed an unfortunate milestone: $21 trillion dollars in gross federal debt.

The Tax Cuts and Jobs Act will lower revenues significantly and made changes to both tax rates and bracket widths.

There are separate limits on the amount of funding that can be provided for defense and nondefense purposes through the appropriation process.

Proposed work requirements would have important implications for the program, its beneficiaries, and the federal budget.