The Bipartisan Policy Center issued a warning Friday about the upcoming deadlines for some very expensive budget items, including the $1.5 trillion tax package, new disaster relief spending, and what could be a significantly larger budget for 2018.
The revenue effects could be profound, potentially pushing the annual federal deficit to the $1 trillion mark as soon as 2019.
“The next few weeks could have a major impact on America’s fiscal future, with a vote on tax reform coming soon and a second short-term continuing resolution set to expire at the end of the month,” BPC said in an email.
William Hoagland, a BPC vice president and former Senate Republican budget expert, framed the issue this way: “Everyone can take some share of the blame, but now that we’re here, the real question is, what should we do about it? Decision makers need to make the hard choices necessary to rein in mandatory spending, raise more – not less – revenue, and stabilize the national debt at a responsible level.”