The Republican tax law of 2017 is imposing high national deficits and a record national debt in the decades to come. There are also ridiculous items such as subsidies to the petroleum industry that should have been eliminated long ago. The US House has the right to impose taxes and/or eliminate tax breaks with every bill they write. I suggest they begin to identify where the national budget can realistically be reduced and begin the process.
June 25, 2019
By Gina Heeb
Federal debt (click here) is projected to jump to post-World War II levels this year and reach unprecedented levels over the next three decades, the Congressional Budget Office said Tuesday.
Under current laws, the CBO forecasts debt would reach 78% of gross domestic product by the end of 2019 and 144% of GDP by 2049. While those estimates are slightly lower than those made last year and remain highly uncertain, the nonpartisan office said they still present risks to the economy.
"The prospect of such high and rising debt poses substantial risks for the nation and presents policymakers with significant challenges," the CBO said its Long-Term Budget Outlook Report, noting that the US would see even larger increases in debt if lawmakers reversed course on plans to slash spending in 2020 and to let tax cuts expire in 2026....
