Deficit could hit $1 trillion in 2018, and that's before the full impact of tax cuts
2018 could be the year the dam bursts on the federal deficit.
Back in June, the Congressional Budget Office projected that the budget deficit — government expenses exceeding revenues — would drop to $563 billion in 2018 from the $666 billion shortfall the Treasury Department declared in the 2017 fiscal year, which ended Sept. 30.
Now budget experts outside government say the 2018 total could exceed $1 trillion because of series of bills being passed in quick succession, and decisions to scrap what were already weak limits on spending.
The tax package Congress sent to President Trump will cut government revenues by $135 billion in 2018, a figure that rises to $280 billion in 2019, according to the Joint Committee on Taxation.
On top of that, Congress approved emergency disaster aid bills totaling $15 billion in September, $36.5 billion in October, and this week is arguing over adding another $81 billion to address California wildfires and Hurricanes Harvey, Irma and Maria. Barring any last minute decision to pay for it, that spending will be added to the 2018 deficit.
https://www.usatoday.com/story/news...-thats-before-full-impact-tax-cuts/969347001/
