The CBO says it would add $3.4 trillion to the deficit over the next decade. For decades, fiscal hawks have warned about the devastating consequences of ballooning U.S. debt. But economists say this time around is different: The debt is now so large that piling more on top of it as part of President Donald Trump's massive tax cut and spending bill could set the country on a dangerous path.

The Congressional Budget Office (CBO), for instance, found that it would add $3.4 trillion to the debt by the end of 2034. The national debt currently stands at more than $36 trillion. The Cato report,