Federal debt will increase by $11.4 trillion over the next ten years, according to the ranking Senate Budget Committee Republican, who says that the Congressional Budget Office (CBO) badly-misestimated the tax revenues and spending due to false asusmptions.
“An honest analysis tells us that spending is set to increase by 53 percent over the next ten years, producing an estimated $11.4 trillion in new gross debt,” Sen. Jeff Sessions, R-Ala., said in a statement yesterday, while arguing that the CBO underestimated the impending federal debt by $5.7 trillion.
“The [CBO] baseline outlook assumes the expiration of three policies that will not happen,” Sessions wrote in a report on the budget:
Sessions faulted “both the Congress and the president [for having] in the past written laws in a way that manipulates the requirements under which CBO must operate,” which produces “unrealistic” budget projections.
The federal government will run a $9.9 trillion deficit over the next ten years, Sessions predicted, with a $900 billion annual deficit, on average, “as far as the eye can see.”
