Spending Deal To Add $1.7 Trillion To Deficit: CBO

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A sweeping budget deal passed earlier this month to raise spending caps in 2020 and 2021 will add $1.7 trillion to the U.S. deficit over a decade, according to a new analysis from the Congressional Budget Office (CBO).

The CBO estimates that while the bipartisan deal increased spending for next year by about 3 percent over current levels, or $50 billion, the cap is 15 percent higher than the roughly $125 billion in budget cuts that were scheduled to go into effect.

President Trump signed the bipartisan budget deal earlier this month after it passed Congress before the monthlong August recess. Lawmakers voted for the deal over concerns from fiscal hawks that it would substantially add to the deficit.

Read more at The Hill.

{Matzav.com}

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