Deficits Much Larger Than Projected Just Three Months Ago
CBO projects that the deficit for 2019 will be $960 billion. That’s $63 billion (or 7 percent) above its estimate from just three months ago.
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CBO projects that the deficit for 2019 will be $960 billion. That’s $63 billion (or 7 percent) above its estimate from just three months ago.
The amount spent by the federal government on interest is large and growing. Net interest will become the third largest "program" in the budget by 2025.
Under current law, the U.S. budget deficit will exceed $1 trillion each year beginning in 2022 and total $11.4 trillion over the upcoming decade.
Outside of the recent recession caused by the financial crisis and its aftermath, the U.S. government has never witnessed deficits that exceeded $1 trillion.
The CBO released new baseline projections today, which show that the nation will face daunting fiscal challenges over the next decade resulting from the existing structural mismatch between revenues and outlays as well as the enormous amount of borrowing necessary to address the pandemic and its economic effects.
In fiscal year 2020, the U.S. saw the largest budget deficit since 1945 at $3.1 trillion. Find out what contributed to these record-breaking stats.
The deficit could reach $1 trillion this year, according to the Office of Management and Budget (OMB), which released its annual mid-session review on Friday.
The percentage of income that Americans pay in taxes can vary widely and depend on many factors.
Trillion-dollar annual deficits not seen since the Great Recession are expected to return as soon as next year.
https://www.pgpf.org/blog/2018/10/what-theyre-saying-deficit-hits-six-year-high
Without reform, the Social Security Trust Funds will soon be depleted and unable to pay full benefits.