Quote:
Originally Posted by Sea Dangles
This is real leadership,the kind that makes the snowflakes heads spin.
Posted from my iPhone/Mobile device
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I guess you are not tired of winning yet, remember nobody goes bankrupt better than the USA under Donald Trump.
• Under current law, debt held by the public will rise by more than $12.8 trillion over the next decade – from $16.5 trillion today to $29.3 trillion by 2029.
• Debt as a share of the economy will rise rapidly, from today’s post-World War II record of 78 percent of Gross Domestic Product (GDP) to 95 percent of GDP by 2029 (up from 92 percent under the previous baseline in May). If the 2017 tax cuts and other policies are extended, it would reach 101 percent by 2029.
• Annual budget deficits will exceed the trillion-dollar mark next year and rise to $1.4 trillion, or 4.5 percent of GDP, by the end of the decade.
• Growing debt and deficits are driven by a disconnect between spending and revenue. Under current law, spending will grow from 20.8 percent of GDP this year to 22.7 percent of GDP by 2029, while revenue will remain roughly between 16 and 17 percent of GDP through 2025 and rise to 18.2 percent of GDP by 2029, assuming recent tax cuts expire as scheduled.
• The Bipartisan Budget Act of 2019 substantially worsened the fiscal outlook, adding $1.7 trillion to projected deficits over the decade. Other legislative changes increased deficits by an additional $260 billion. Partially offsetting this, revised forecasts for interest rates and other factors will reduce projected deficits by $1.1 trillion. In total, CBO projects deficits to be $872 billion higher than projected in May.