Goldman Sachs economists are wading into the deficit debate, and they don’t seem to be sounding any alarm bells about U.S. federal debt.

Tax season is here, and with it comes renewed worries about the effect of recent corporate tax cuts on what is now $16.2 trillion in public debt (including Treasuries held by government accounts, the tally recently passed $22 trillion). The Congressional Budget Office now forecasts that the annual federal budget deficit will grow 15% to $897 billion this year, exceeding $1 trillion in 2022.

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