THE HILL

Federal deficits are expected to rise for the first time in nearly a decade, driving up the federal debt to almost unprecedented levels, according to an analysis from the nonpartisan Congressional Budget Office (CBO). While the federal deficit is projected to drop in 2017 and 2018, the CBO projects it will rise to $601 billion in 2019 thanks to rising Social Security and Medicare costs.

The projections come less than two months before the United States is expected to exceed the legal limit on how much debt the country can hold on March 16. The Trump administration and Congress will need to collaborate on a way to raise the debt ceiling, or the United States could trigger a global economic crisis by defaulting on its debt.

Read more…