Trillion-Dollar Deficits Will Hit Sooner Than Expected

Published Feb 7, 2018. By Jeanne Sahadi.

Trillion-dollar-plus deficits were the hallmark of the financial and economic crisis a decade ago.

Now they'll be making a comeback -- this time during a very healthy economy -- and years sooner than expected. . . . 

"If interest rates are just one percentage point higher than projected, federal interest payments would be around $1.5 trillion higher through the next 10 years. That's almost enough to pay for the entire military budget for three years," Robert Bixby, executive director of the Concord Coalition, a fiscal watchdog group, noted in a recent blog post.