CBO Estimates $1.5 Trillion Deficit

A continuing “weak economy and last month’s bipartisan tax cut legislation will drive the government’s deficit to a record $1.5 trillion this year, a new government estimates predicts,” according to the AP.

The eye-popping numbers mean the government will continue to borrow 40 cents for every dollar it spends.

The new “Congressional Budget Office estimates will add fuel to a raging debate over cutting spending and looming legislation that’s required to allow the government to borrow more money as the national debt nears the $14.3 trillion cap set by law.”

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