This is how a front-page story by Lori Montgomery in January 27th’s Washington Post portrayed the cause of this year’s $1.5 trillion deficit:
Record U.S. Deficit Projected This Year
CBO forecasts tax cuts will push budget gap to $1.5 trillion
The still-fragile economy and fresh tax cuts approved by Congress last month will drive the federal deficit to nearly $1.5 trillion this year, the biggest budget gap in U.S. history, congressional budget analysts said Wednesday.
Federal spending and federal tax revenue play equally important roles in creating the federal budget deficit. In fact, the federal government, despite the recession and tax …