Washington | The US government is on track to surpass record debt levels set after World War II in just four years, the Congressional Budget Office warned on Friday (Saturday AEDT) – even as it lowered somewhat its deficit projections for the next decade.
The new CBO estimates do not include revenue losses from President-elect Donald Trump’s plans to extend expiring provisions of his 2017 tax cuts and further steps to reduce levies. The non-partisan agency’s policy is to follow current law in making its forecasts, so it projects a boost in tax revenues from the expiration of tax reductions that is looming at the end of this year. Most private analysts see an extension as likely.
