“That deficit was for fiscal 2018, which ended on September 30. The CBO’s latest projection is we will add close to $1 trillion of debt in 2019 and over $1 trillion in 2020. If the Democrats take the House next week, even narrowly, is there any real hope of cutting that deficit without tax increases? Which both the Senate and Trump will not accept? The off-budget deficits have averaged around $360 billion for the last five years, generally increasing over time. But if we take just that average and add them to the projected deficits, the US government deficit will be (drumroll, please) approximately $1.4 trillion per year for the next five years, which will mean $29 trillion total debt by 2024.”
USAGOLD note: Mauldin’s down-to-earth observation about the deficit under a Democratic House of Representatives is worth blending into the post-election analysis. . . . .More than one analyst over the past two days has raised a concern about the possibility of another government shutdown in December when a vote on the debt ceiling will take place.