New CBO report shows national debt spiraling into uncharted territory by 2035—and Trump’s tariff defeat will make the picture even worse

Plenty of observers already had doubts that, as Donald Trump put it on President’s Day, the U.S. has entered a “new golden age of prosperity.” Now, with the Supreme Court ruling negating a wide swath of the Trump tariffs, an already gloomy outlook has suddenly become much darker.

The new 10-year budget forecasts from the Congressional Budget Office, issued in mid-February, presents an outlook that’s considerably worse than the already dire scenario the agency issued a year earlier. The CBO’s bottom line...