Tax Cuts and Spending Increases Propel Budget Deficit

The federal government’s budget shortfall is expected to increase again.

FOX’s Jared Halpern has more from Washington:

A mix of tax cuts and spending increases are sending the annual budget deficit up about $544-billion, according to the latest estimate from the Congressional Budget Office.

An increase that size is larger than last year’s. A figure that was the smallest of President Obama’s time in office.

In the decade to come, CBO forecasters predict deficits totaling about $9.5-trillion, mostly due to new legislation permanently extending several tax cuts.

In the short-term, economist generally don’t believe the deficit is worrisome, but CBO data suggest debt over the next ten years could spark economic problems.

In Washington, Jared Halpern, FOX News.