US Politics

CBO Projects Massive Federal Deficits; House Dems Want Earmarks

House Democrats want to restore earmarks next year despite new Congressional Budget Office (CBO) projections that the federal budget deficit will reach $3.3 trillion this year and a cumulative total in excess of $13 trillion over the next decade. CBO Director Phillip Swagel told the Senate Budget Committee on Sept. 23 that the long-term outlook for the economy “is daunting, but at the same time, the United States is not facing an immediate fiscal crisis” because interest rates remain at historic lows. He said the low rates minimize the governments borrowing costs to fund its deficit spending, and CBO expects the rates to remain low “for several years as Read More From Source

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The Epoch Times

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