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Tax cuts, spending to raise deficit to $1 trillion by 2019

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The economic growth promises to drop the nationwide unemployment rate below 4 percent, CBO predicts

The report paints an unrelentingly bleak picture of federal deficits, which would permanently breach the $1 trillion mark in 2020 unless Congress stems the burst of red ink. The government would borrow about 19 cents of every dollar it spend this year. Deficits would grow to $1.5 trillion by 2028 — and could exceed $2 trillion if the tax cuts are fully extended and if Washington doesn’t cut spending.

Republicans controlling Washington have largely lost interest in taking on the deficit, and the issue has fallen in prominence in recent years. Trump has ruled out cuts to Social Security and Medicare, and Capitol Hill Republicans have failed to take steps against the deficit since Trump took office.

Now that conservatives complained about the $1.3 trillion catchall spending bill — which blew through previous budget limits by $300 billion over this year and next, House GOP leaders have scheduled a vote this week on a proposed amendment to the Constitution to require a balanced federal budget. The vote is sure to fall well short of the two-thirds required to pass. The White House is also likely to propose rolling backing some of the domestic spending increases in last month’s government-wide funding bill.

Many economists believe that if deficits continue to rise and the national debt grows, government borrowing will “crowd out” private lending and force up interest rates. And if interest rates go up, the government would have to pay much more to finance the more than $14 trillion in Treasury debt held by investors.

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Furious BBCQT audience members hit back at 'whinging' Labour MPs – 'Don't lecture me!'

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BBC QUESTION TIME audience members turned on the Labour Party in the first question of last night’s programme, as they raged at “whinging” left-wing MPs who “lecture” voters.

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Brexit LIVE: Forget EU! African finance chief celebrates UK exit – mega deals on horizon

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BREXIT BRITAIN and Boris Johnson have received a massive boost after an African finance chief cheered the UK’s departure from the European Union and hinted lucrative trade deals with several other countries around the continent.

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Nicola Sturgeon blasted by Lord who says SNP leader 'doesn't want a referendum'

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NICOLA STURGEON “doesn’t want an independence referendum”, a former Scottish secretary has sensationally claimed.

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