''The Congressional Budget Office, which issues the budget projections followed by Congress, will issue its updated figures next month. Republicans controlling Congress and the White House have signaled they won't take on the daunting task of tackling the deficit this year. Trump is opposed to cutting Social Security and Medicare retirement benefits.Deficit hawks have long warned that the federal fiscal picture will eventually lead to a debt crisis, with government borrowing forcing up interest rates and the nation's $20 trillion-plus debt serving as a drag on the economy. Under the group's findings, the deficit would hit $2.4 trillion in 2028, requiring the government to borrow about 34 cents or so of every dollar it spends.``Legislation enacted since June of 2017 has turned a dismal fiscal situation into a dire one,'' the group warns. ``Revenue is lower, spending is higher, deficits are larger, and the national debt is rapidly headed toward a new record.''

Source: Economic Times March 02, 2018 15:22 UTC