Even before Congress passed President Donald Trump’s major tax and domestic policy legislation, the federal government was on track to spend $1.9 trillion more this fiscal year than it collected in revenue, according to the nonpartisan Congressional Budget Office (CBO). The CBO now projects that the recently signed “megabill,” as it’s been dubbed, will add nearly $3.4 trillion more in deficit spending over the next decade.
When the government runs a deficit – that is, when it spends more in a year than it receives in revenue – it makes up the difference by borrowing. That means annual budget deficits add to the national debt, which was almost $37 trillion as of Aug. 8. While the “megabill” raised the federal debt limit by $5 trillion to…
