By 2035, the CBO expects the deficit to reach $2.96 trillion or 6.2% of GDP versus 5.8% today, and almost double the multi-decade, pre-pandemic average.
The new 10-year budget forecasts from the Congressional Budget Office, issued in mid-February, presents an outlook that’s considerably worse than the already dire scenario the agency issued a year earlier. The CBO’s bottom line: On balance, the tax r... [5584 chars]