The US is spending far more money than it earns, according to the non-partisan Congressional Budget Office, who estimates that the federal budget deficit could exceed $1 trillion by next year.

This year the country is experiencing a shortfall between revenue and expenses of $960 billion, which will average $1.2 trillion between 2020 and 2029.

CBO Director Phillip Swagel says that lawmakers have to either up taxes, cut spending, or do a mixture of both to deal with the debt.

At the current rate, the deficit could reach 95% of GDP by the end of the next decade – “its highest level since just after World War II,” reveals Swagel.

Source: https://www.independent.co.uk/news/business/news/trump-budget-deficit-borrowing-tax-cuts-us-economy-a9074531.html