US deficit forecast to hit $1 trillion following tax cuts
The US is heading for a budget deficit of more than $1 trillion (£707bn) by 2020 following tax cuts and higher public spending, according to the Congressional Budget Office.
It said that while the measures will temporarily boost the US economy, they will exacerbate its long-term debt.
The agency said US debt could rise to a level comparable to World War II and the financial crisis.
It warned that it would have "serious negative consequences" for the US.
The CBO's report has been revised to incorporate the effects of a new $1.3 trillion government spending bill and the $1.5... read more
- 14:32 Colleen McCullough: The Thorn Birds author 'not coerced' over will
- 14:32 XXXTentacion death: Four men charged with rapper's murder
- 14:32 Radiohead demand answers over Toronto stage death
- 14:32 Netflix's Insatiable faces backlash over 'fat-shaming'
- 14:32 Mamma Mia 2: Lily James on following in Meryl Streep's footsteps
- 14:32 9 stars who turned down great film roles
- 14:32 Is The Equalizer 2 just a 'middle-aged male fantasy?'
- 14:32 Comic Con: It, Breaking Bad, Doctor Who and other big reveals
- 14:31 How the World Cup boosted 'Englishness'
- 14:31 Mustafa Dawood: Brother's questions after immigration raid death
- 14:31 'I was a child carer - it made me who I am today'
- 14:31 'I have to accept my daughter is gone'
- 14:31 Dentist tells of her 13,000 mile commute to fix island teeth
- 14:31 Liam Miller: GAA criticised for refusing Páirc Uí Chaoimh benefit
- 14:31 Reece Prescod: I'm either the next Bolt or an estate agent
- 14:31 Prince Charles recreates home at Buckingham Palace
- 14:31 The butterflies spotted in your back garden and beyond
- 14:31 Greg James posts emotional message as he swaps shows on Radio 1
- 14:31 David Walliams 'thrilled' to edit Beano 80th birthday edition
- 00:17 Slow simmer into a thrilling weekend at Carnoustie
- 00:17 Doncaster has one of the highest rates of burglary in England and...
- 14:31 UK heatwave shuts part of Leeds & Liverpool canal
- 14:31 Charlotte Church: 'I want to open a secondary school'
- 14:31 Fruit 'left to rot' due to labour shortages
- 14:31 Liam Gallagher urges brother Noel to bring back Oasis
- 14:31 Theresa May says EU must 'evolve' its Brexit position
- 14:31 Durham rugby players in Sri Lanka had 'taken heroin' before death
- 23:25 Liverpool transfer news: Memories of Steven Gerrard inspiring £52m...
- 14:31 Sir David Attenborough backs world's biggest butterfly count
- 23:25 BOXING CLEVER: How Liam Smith fought back from the brink to top the...