When will the Federal Reserve stop printing money?
President Donald Trump and his allies have called for a $4 trillion national debt that will bankrupt the nation and leave millions out of work.
But according to The Hill, a new report from the nonpartisan Congressional Budget Office shows that it could actually be a much better idea for the federal government to print money and leave the money on the table.
The CBO estimates that a $2 trillion reduction in the debt would be sufficient to reduce the national debt by $2,500.
The federal government would then save $1.5 trillion, the CBO projects.
The savings would come from raising taxes on the wealthiest Americans, who would have the largest tax cuts.
The deficit would fall $5 trillion over the next decade, or about 10 percent of the economy.
But that would still be less than the $14 trillion in total spending the CBO projected in 2020.
While the CBO expects the Trump administration to spend $1 trillion in fiscal 2018 alone, it projects the cuts would be even bigger by 2026.
And the savings would be realized only after the debt is paid off in 2027, according to the report.
The Trump administration is expected to unveil a fiscal 2018 budget proposal on Friday that would propose a $1,500 cut to the nation’s debt.
The White House has yet to release a budget plan.
The administration has also not released a spending plan.