Given current fiscal and tax trends, the Congressional Budget Office projects the federal budget deficit will nearly equal Gross Domestic Product, (GDP) by 2029, and total over one hundred fifty two percent by 2048.
The CBO also projects that while federal revenues will also rise, they will not catch up with spending, leading to the growing deficits.
South Dakota Senator John Thune says the CBO model doesn’t include tax cut induced growth.
Thune says it wouldn’t take much additional growth in the economy to pay for the tax cut, and start reducing the deficit
Thune says much of the projected growth in federal spending is tied to programs like Social Security and Medicare.
Thune says the tax cuts are having a positive impact on economic growth, and they expect that to continue.