A bipartisan budget deal slated for a Congressional vote Thursday would boost federal spending by nearly $300 billion, sending government debt soaring to nearly $1 trillion in 2018 and setting in motion a ripple effect that would ensure mortgage rate hikes, economists said. If passed by Congress, the two-year budget deal would inject $20 billion into infrastructure programs while presumably hoisting the construction industry with temporary jobs in wild fire- and hurricane-ravaged areas of California, Texas and Florida through disaster relief funds. But, among a wide range of provisions, the most detrimental to the housing market and the real estate industry at large, analysts say, is the rapidly rising deficit’s impact on the bond market. Combined with a sweeping tax reform package passed in December projected to add more than $1 trillion to the deficit over the next decade, the budget deal, if signed into law by President Trump, would spur government borrowing to levels unseen s…
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