Fitch Director Predicts U.S. Deficit to Exceed 7% of GDP Next Year

According to Odaily, Fitch Senior Director Richard Francis stated that Fitch has long anticipated significant tax cuts in its baseline fiscal forecasts. The passage of the bill will not substantially alter this baseline. It is expected that the total U.S. government deficit will rise to over 7% of GDP next year, with the debt ratio approaching 120% of GDP by 2026.