Trillion-dollar annual deficits not seen since the Great Recession are expected to return as soon as next year.

Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.

The dangerous path of federal debt remains a critical issue for our economy, and changes to spending and tax policies are necessary to put the nation on a sustainable path.

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.

CBO projects that, on our current path, the deficit will reach nearly $1 trillion next year and will total $12.4 trillion over the ten-year period from 2019.

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.

Gross federal debt has grown by $5 trillion in just the last five years — from $16 trillion at the end of fiscal year 2012 to $21 trillion today.

These charts illustrate some of the biggest fiscal policy stories from 2017.

By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but also provide long-run economic benefits.

CBO warns “high and rising debt would have serious negative consequences for the budget and the nation” in its new report.