The CBO report projects that the federal budget deficit will reach $1 trillion by 2020, two years earlier than previously expected, and that federal debt will rise to almost 100% of Gross Domestic Product (GDP) by 2028, which would be the highest debt level since just after World War II.
Deficits will top $800 billion this year and will reach $1 trillion by 2020, just as President Trump prepares to face voters in his bid for re-election.
Between the lines: Republicans have spent almost a decade campaigning on fiscal restraint.
"Now that those tax cuts are in place, I predict that deficits will once again morph into a dire problem - a scourge upon the nation - an excuse for Republicans to target Medicare, Medicaid, and Social Security for cuts", Schumer said.
Altogether, deficits over the decade will be $1.6 trillion higher than previously projected by CBO and by 2028, debt held by the public would total almost 100 percent of GDP; the most since post-World War II. Next year's growth will rise from 1.5 percent to 2.4 percent.
What Trump's Border Troops Can't Do
California Governor Jerry Brown delivers his final state of the state address in Sacramento, California, U.S., January 25, 2018. Brown did not agree to allow the troops to be involved with immigration enforcement according to the Associated Press.
"To address our federal debt, we must slow the growth of entitlement spending, increase revenues with a growing economy, and make responsible spending cuts", Lankford said in a statement.
"We expect interest rates to accelerate faster", said CBO's Hall.
But rising interest rates will soon sap some of that surge, the analysts said.
The Congressional Budget Office on Monday said the federal budget deficit will total $804 billion this year, up from $665 billion last year.
The analysis "confirms that major damage was done" by the new tax law and the spending bill, said Michael Peterson, head of the nonpartisan Peter G. Peterson Foundation.
The 2001 and 2003 Bush tax cuts, for instance, were extended during the Obama administration and then largely made permanent when Congress faced the so-called fiscal cliff in 2012.
Hulu and Spotify join up for one premium music and TV bundle
Combined, the two companies are bundling their services for $12.99 a month, just $3 more than paying for Spotify as a standalone. SPOTIFY is set to launch a new free music streaming service within weeks that will be more like its premium tier.
That review looked at the impact of the Trump legislation which slashed cutting taxes by $US1.5 trillion over 10 years, followed by a bill passed in March that lifts ceilings on discretionary spending over two years.
The government will borrow 19 cents of every dollar it spends this year.
But running something much closer to an overall balanced budget sooner rather than later is needed if the aim is to get the debt-to-GDP ratio heading back down towards historic norms over the coming decades.
"The budget outlook is no reason for alarm", wrote Paul N. Van de Water, senior fellow at CBPP.
The bad part of all this is that Congress has already lost interest in trying to reign in spending, even though House GOP leaders have scheduled a vote this week on a proposed amendment to the Constitution to require a balanced federal budget.
How American alum Andre Ingram just became the NBA's best story
Ingram finished 6 for 8 from the field and 4 for 5 on 3-pointers along with three rebounds, three blocked shots and a steal. For his two-game contract with the Lakers, he'll make just over $13,000, 50% of a full season G League salary.