Jan. 28 (UPI) -- The U.S. budget deficit is projected to surpass $1 trillion this year, the first time it's hit that milestone since 2012, the Congressional Budget Office said Tuesday.
The office said the deficit will likely hit $1.02 trillion in 2020. It will average $1.3 trillion each year between 2021-30, representing about 5.4 percent of the GDP.
The U.S. government is expected to spend $4.6 trillion in the current fiscal year and bring in $3.6 trillion in taxes.
The CBO blames the rising deficit and debt on the 2017 tax cuts and an increase in new federal spending. The estimates are based on the assumption that Congress will allow tax cuts passed in 2017 to expire in 2025. The Washington Post reported that Republicans plan to try to extend those cuts.