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The federal budget deficit is expected to rise significantly, reaching 120% of GDP by 2036 and 175% by 2046. This situation is driven by tax cuts and increased spending, indicating that tax increases and benefit reductions could be required to manage the deficit.
Our neutral summary
The federal budget deficit is expected to rise significantly, reaching 120% of GDP by 2036 and 175% by 2046. This situation is driven by tax cuts and increased spending, indicating that tax increases and benefit reductions could be required to manage the deficit.
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A bipartisan summit is the best way to address debt, make Social Security solvent
Federal budget deficit projected to reach 120% of GDP by 2036