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The annual deficit is on pace to exceed $1 trillion by 2020.

"We've had a big tax cut and a big spending increase, and they're showing up here", said Benjamin Page, a senior fellow at the Tax Policy Center, a nonpartisan think tank.

Those deficits will quickly build, doubling the government's main pool of debt over the next decade. Meanwhile, total debt is projected to reach 96 percent of gross domestic product, or almost $29 billion by 2028 - the highest total debt since WWII.

"The federal budget deficit grows substantially over the next several years", CBO Budget Director Keith Hall said Wednesday after his agency released the report.

Between the lines: Republicans have spent almost a decade campaigning on fiscal restraint.

"That increase reflects significant growth in mandatory spending - mainly because the aging of the population and rising health care costs per beneficiary are projected to increase spending for Social Security and Medicare, among other programs". Bernard Sanders, the Vermont independent who serves as the Democrats' top lawmaker on the Senate Budget Committee.

The Trump administration had promised the cuts would pay for themselves.

The CBO also reports that economic growth will lower the unemployment rate below 4 percent.

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The independent financial scorekeeper said that the long-term USA debt, now more than US$ 21 trillion, could soar to more than US$ 33 trillion by 2028, with increasing annual deficits jumping from US$ 804 billion this year to US$ 1.5 trillion in a decade.

Sen. James Lankford, R-Oklahoma, said the tax bill had helped stimulate growth, but that reining in the deficit would require slowing down increasing spending on social programs.

But rising interest rates will soon sap some of that surge, the analysts said.

But, as deficits, inflation and interest rates rise, GDP growth will slow from 2020 to 2026, the CBO said.

The deficit is projected to reach $804 billion this year, a 21 percent increase over last year's $665 billion shortfall and $242 billion more than CBO projected in its June 2017 report. It also warns that interest rates on government borrowing will also spike, with the benchmark 10-year Treasury note averaging a 3.0 percent interest rate this year and 3.7 percent next year.

The new report said 10-year debt will now hit $12.4 trillion, after breaking the $1-trillion mark in 2020. The Trump tax cuts were designed with permanent cuts for corporations and heirs of large estates, coupled with temporary, expiring tax cuts for the middle class. But if Mr. Trump gets his way and Congress makes the tax cuts permanent, then the fiscal picture could be even worse. In a decade, the red ink is expected to reach $1.5 trillion.

In late March, President Trump signed a $1.3 trillion spending plan to fund the government through September.