The Congressional Budget Office recently released revised estimates of the nation's budget and economic outlook over the coming years.
Overall, CBO increased the estimated budget deficit for the current fiscal year by $408 billion and the 10-year budget deficit by nearly $2.1 trillion.
The spending bills passed in March added nearly $1.3 trillion to the 10-year deficit, as higher spending this fiscal year leads CBO to assume that spending will continue at those higher levels in the future.
Spending on Medicaid and Obamacare subsidies will increase deficits by $511 billion in the coming decade, in large part because more people will continue signing up for "Free" coverage.
Even though the budget gnomes assumed that changes in economic projections since the last estimate will reduce the budget deficit by $568 billion, the effect of Washington's spending overwhelmed the comparatively good economic news, leading CBO to raise deficit projections overall.
As it did in February, the budget office noted that the federal government is running deficits that Washington has never before attempted to sustain for a long period.
Interest costs are projected to exceed the size of the defense budget this fiscal year, and will exceed net federal spending on Medicare by next fiscal year.
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