WARNING: FEDS PREDICT $30 TRILLION DOLLAR DEBT Because Of These Two Key ThingsYou can blame the escalating debt on Obamacare and taxes We can thank Obama for this The federal government will be flirting with $30 trillion in debt within a decade, the Congressional Budget Office reported Monday, blaming an aging population, new spending and tax cuts approved on Capitol Hill, and the growing burden from Obamacare for erasing the progress Washington had made over the past few years.Analysts said Obamacare will chase more workers out of the labor force over the next five years, adding pressure to an economy still struggling to spring to life more than seven years into the Obama recovery.The Affordable Care Act itself is still struggling to attract a customer base, the CBO said, lowering its estimate for the number of people who will sign up for the exchanges from 21 million to 13 million   a drop of nearly 40 percent in projections. Customers collecting taxpayer subsidies this year will be 11 million, down from the 15 million the CBO projected a year ago.The grim news comes with less than a year left for President Obama to put the law on firmer footing as he seeks to head off what is likely to be a last effort at repealing the act after November s elections.The economic front is somewhat brighter for Mr. Obama, who seven years into the recovery will finally see significant sustained growth of 2.5 percent this year and 2.6 percent next year, the CBO said.That will be followed by a cooling off, with growth dropping below 2 percent in 2019 and 2020. The economic gains will continue to go disproportionately to the wealthy, helping boost income tax revenue but limiting payroll taxes, which will put even more pressure on the entitlement programs that are driving up deficits.The biggest fiscal dent, however, was made late last year when Mr. Obama and the Republican-run Congress struck a deal. The president won significant spending hikes, and Republicans insisted on a new round of special tax breaks that, combined, reversed years of progress and added nearly $750 billion to projected deficits over the next decade. After six consecutive years in which the deficit has declined relative to the size of the economy, this year s deficit   at 2.9 percent of gross domestic product (GDP)   is anticipated to increase for the first time since it peaked at 9.8 percent in 2009,  the CBO said.Deficits will continue to rise over the next 10 years, topping $1 trillion again in 2022 and reaching $1.4 trillion in 2026, the analysts said.The accumulation of those deficits will deepen the gross public debt from $18.1 trillion at the end of 2015 to $29.3 trillion in 2026. By contrast, the debt stood at $10.6 trillion when Mr. Obama took office in 2009.Looking decades into the future, the picture only gets worse, the CBO said.READ MORE: WTGovernment News
warning feds predict trillion dollar debt because of these two key thingsyou blame escalating debt obamacare taxes we thank obama the federal government flirting trillion debt within decade congressional budget office reported monday blaming aging population new spending tax cuts approved capitol hill growing burden obamacare erasing progress washington made past said obamacare chase workers labor force next five years adding pressure economy still struggling spring life seven years obama affordable care act still struggling attract customer base cbo said lowering estimate number people sign exchanges million million drop nearly percent projections customers collecting taxpayer subsidies year million million cbo projected year grim news comes less year left president obama put law former footing seeks head likely last effort repealing act november economic front somewhat brighter obama seven years recovery finally see significant sustained growth percent year percent next year cbo followed cooling growth dropping percent the economic gains continue go disproportionately wealthy helping boost income tax revenue limiting payroll taxes put even pressure entitlement programs driving biggest fiscal dent however made late last year obama congress struck deal the president significant spending hikes republicans insisted new round special tax breaks combined reversed years progress added nearly billion projected deficits next decade after six consecutive years deficit declined relative size economy year deficit percent gross domestic product gdp anticipated increase first time since peaked percent cbo continue rise next years topping trillion reaching trillion analysts accumulation deficits deepen gross public debt trillion end trillion by contrast debt stood trillion obama took office decades future picture gets worse cbo more government news
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: WARNING: FEDS PREDICT $30 TRILLION DOLLAR DEBT Because Of These Two Key ThingsYou can blame the escalating debt on Obamacare and taxes We can thank Obama for this The federal government will be flirting with $30 trillion in debt within a decade, the Congressional Budget Office reported Monday, blaming an aging population, new spending and tax cuts approved on Capitol Hill, and the growing burden from Obamacare for erasing the progress Washington had made over the past few years.Analysts said Obamacare will chase more workers out of the labor force over the next five years, adding pressure to an economy still struggling to spring to life more than seven years into the Obama recovery.The Affordable Care Act itself is still struggling to attract a customer base, the CBO said, lowering its estimate for the number of people who will sign up for the exchanges from 21 million to 13 million   a drop of nearly 40 percent in projections. Customers collecting taxpayer subsidies this year will be 11 million, down from the 15 million the CBO projected a year ago.The grim news comes with less than a year left for President Obama to put the law on firmer footing as he seeks to head off what is likely to be a last effort at repealing the act after November s elections.The economic front is somewhat brighter for Mr. Obama, who seven years into the recovery will finally see significant sustained growth of 2.5 percent this year and 2.6 percent next year, the CBO said.That will be followed by a cooling off, with growth dropping below 2 percent in 2019 and 2020. The economic gains will continue to go disproportionately to the wealthy, helping boost income tax revenue but limiting payroll taxes, which will put even more pressure on the entitlement programs that are driving up deficits.The biggest fiscal dent, however, was made late last year when Mr. Obama and the Republican-run Congress struck a deal. The president won significant spending hikes, and Republicans insisted on a new round of special tax breaks that, combined, reversed years of progress and added nearly $750 billion to projected deficits over the next decade. After six consecutive years in which the deficit has declined relative to the size of the economy, this year s deficit   at 2.9 percent of gross domestic product (GDP)   is anticipated to increase for the first time since it peaked at 9.8 percent in 2009,  the CBO said.Deficits will continue to rise over the next 10 years, topping $1 trillion again in 2022 and reaching $1.4 trillion in 2026, the analysts said.The accumulation of those deficits will deepen the gross public debt from $18.1 trillion at the end of 2015 to $29.3 trillion in 2026. By contrast, the debt stood at $10.6 trillion when Mr. Obama took office in 2009.Looking decades into the future, the picture only gets worse, the CBO said.READ MORE: WTGovernment News
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: warning feds predict trillion dollar debt because of these two key thingsyou blame escalating debt obamacare taxes we thank obama the federal government flirting trillion debt within decade congressional budget office reported monday blaming aging population new spending tax cuts approved capitol hill growing burden obamacare erasing progress washington made past said obamacare chase workers labor force next five years adding pressure economy still struggling spring life seven years obama affordable care act still struggling attract customer base cbo said lowering estimate number people sign exchanges million million drop nearly percent projections customers collecting taxpayer subsidies year million million cbo projected year grim news comes less year left president obama put law former footing seeks head likely last effort repealing act november economic front somewhat brighter obama seven years recovery finally see significant sustained growth percent year percent next year cbo followed cooling growth dropping percent the economic gains continue go disproportionately wealthy helping boost income tax revenue limiting payroll taxes put even pressure entitlement programs driving biggest fiscal dent however made late last year obama congress struck deal the president significant spending hikes republicans insisted new round special tax breaks combined reversed years progress added nearly billion projected deficits next decade after six consecutive years deficit declined relative size economy year deficit percent gross domestic product gdp anticipated increase first time since peaked percent cbo continue rise next years topping trillion reaching trillion analysts accumulation deficits deepen gross public debt trillion end trillion by contrast debt stood trillion obama took office decades future picture gets worse cbo more government news