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CBO’s 1-trillion deficit projection: How detrimental is it to the economy




Stacks of President Donald Trump's FY2018 budget proposal are seen during a photo availability May 23, 2017 on Capitol Hill in Washington, DC. President Trump has sent his FY2018 budget proposal request to the Congress.
Stacks of President Donald Trump's FY2018 budget proposal are seen during a photo availability May 23, 2017 on Capitol Hill in Washington, DC. President Trump has sent his FY2018 budget proposal request to the Congress.
Alex Wong/Getty Images

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The Congressional Budget Office (CBO) released new projections on Monday stating the federal government's annual budget deficit is expected to surpass $1 trillion by 2020 despite healthy economic growth.

CBO projects deficit at $804 billion this year, 43% higher than it had projected last summer. The deficit was $665 billion in the last fiscal year. The projected wider growth is attributed to tax cuts and spending increases over the past four months. Some economists argue the growth in deficit is not alarming as long as we have economic growth. Other economists are more skeptical insisting we should impose reform.   

Guests:

Richard K. Vedder, economist and distinguished professor of economics emeritus at Ohio University and senior fellow at The Independent Institute

John Harvey, professor of Economics at Texas Christian University based in Fort Worth, Texas; contributor to Forbes; he tweets @John_T_Harvey



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