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.

On our current path, CBO projects that deficits will reach $1.0 trillion by 2022 and total $10.1 trillion over the next ten years.

Federal debt is already at its highest level since 1950 and is projected to climb to an all-time high.

Under current law, federal debt is now projected to reach 150 percent of GDP within 30 years — by far an all-time high.

CBO’s new report serves as a reminder that the lawmakers need to take into account our nation’s long-term fiscal challenges as they consider policy changes.