(AURN News) — The Congressional Budget Office reports the federal budget deficit, now at $1.9 trillion, is projected to rise to $3.1 trillion by 2036.
The projection comes as the Trump administration and Congress face scrutiny over tax cuts and federal benefits that critics say primarily benefit corporations and wealthy Americans.
“Relative to the size of the economy, the deficit is 5.8 percent of gross domestic product (GDP) in 2026 and grows to 6.7 percent in 2036, which is greater than the 3.8 percent deficits averaged over the past 50 years,” the CBO said in releasing its new projections.
“Rising net interest costs drive much of that increase,” the CBO added.
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