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The report released on Monday was the CBO's first comprehensive fiscal and economic outlook since the tax and spending legislation enacted by the US Congress late a year ago.

The US budget deficit is set to top $1 trillion (£705bn) by 2020 - levels not seen since the financial crash and World War II.

Jeff Stein, The Washington Post •. In fiscal 2019, the deficit will reach $981 billion, compared with an earlier projection of $689 billion.

While the short-term rise in GDP is certainly some good news for the economy, the projected deficits over that time span are concerning.

That review looked at the impact of the Trump legislation which slashed cutting taxes by $US1.5 trillion over 10 years, followed by a bill passed in March that lifts ceilings on discretionary spending over two years.

The annual deficit is on pace to exceed $1 trillion by 2020. Notably, and in keeping with the anti-intellectual spirit of the times, conservatives have not even bothered formulating a rationale for increasing the deficit during the peak of an economic expansion.

"The timing of this is really concerning because we're not coming out of a recession", Hall said Monday.

Former Fed Chair Janet Yellen and other former White House economic advisors wrote that the tax cuts "turned economic logic on its head". Where they disagree is how Congress got us here and how they can get us out.

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Republicans and Democrats alike bemoaned the growing deficits Monday but offered opposing suggestions for how to deal with it. On the Senate floor, Minority Leader Chuck Schumer (D-N.Y.) said the report is "a reminder of how unserious the current Republican Party is about deficits".

"Projected deficits over the 2018-2027 period have increased markedly since June 2017, when CBO issued its previous projections", the report said, adding that the tax and spending bills have "significantly reduced revenues and increased outlays anticipated under current law".

Donnelly said, "This report confirms my serious concerns about the ballooning deficit, which Speaker Ryan has said he wants to pay for through cuts to Medicare and Social Security, putting seniors and retirees at risk".

While economic growth is projected to be strong this year and next, the CBO estimates that things will slow down again.

Interest Payments: Interest payments on the debt will reach $915 billion in 2028. This will mean the government will be forced to pay even more to finance the more than $14 trillion in Treasury debt held by investors.

And as the government borrows more, it risks crowding out private investment that would have stimulated more economic growth, the CBO warned.

Republicans controlling Washington have largely lost interest in taking on the deficit, an issue that has fallen in prominence in recent years. "The longer you wait, the more draconian the measures have to be to fix the problem".

"Nobody knows what's too much debt - what will cause a fiscal crisis", he said, detailing the grim news. Deficit hawks also predicted runaway inflation, but the growth in prices has been muted thus far. Bernie Sanders, I-Vermont. "It's just conjecture".