The federal deficit could hit $1.1 trillion next year and $1.7 trillion in fiscal 2028, piling on debt that exceeds the size of the economy by the end of the decade, according to a Committee for a Responsible Federal Budget report released Friday.

If Congress extends individual tax cuts beyond their scheduled expiration and continues to raise discretionary spending levels above statutory caps, the debt will grow even faster, reaching $33 trillion or 113 percent of gross domestic product by fiscal 2028, the CRFB analysis said. Under that scenario, annual deficits would top $2 trillion within 10 years.

The CRFB said in Friday’s paper that last year’s tax cut and the newly enacted budget deal among other legislation have “turned a dismal fiscal situation into a dire one.”

Acknowledging that the Congressional Budget Office projection due April 9 will be based on a much more sophisticated analysis, the committee said it employed CBO methods in its estimate in an effort to “seek to inform the conversation until CBO has a chance to release its full report.”

The CRFB has long been urging Congress to tackle the rising debt, which is growing faster than the economy, through spending cuts, tax increases or a combination. But in the latest report, the organization warns that the magnitude of the danger has increased.