Stories

SaveSave story

CBO: GOP policies add nearly $1.6 trillion to deficit

Total deficit spending will increase by $11.7 trillion over the next 10 years, including an additional $1.58 trillion because of changes like the GOP tax law and the omnibus spending bill, according to a new report released by the Congressional Budget Office. Annual deficit spending will top $1 trillion by 2020.

Data: Congressional Budget Office; Chart: Chris Canipe/Axios

Between the lines: Republicans have spent nearly a decade campaigning on fiscal restraint. Now, with total GOP control of Congress and the presidency, revenues have been cut while spending has increased — the opposite of fiscal conservatism and a sore spot with many GOP voters.