The Congressional Budget Office (CBO) today released a new report on the Budget and Economic Outlook. CBO reports that the fiscal outlook is dramatically worse than it was last year, primarily due to the fiscally irresponsible tax legislation and budget deal that were enacted within the past few months.
In the new report, CBO projects that:
- The budget deficit is projected to total $804 billion this year — $139 billion higher than it was in 2017. It will exceed $1 trillion in 2020 and is projected to remain above that amount throughout the 10-year period.



Read our full analysis of CBO’s "The Budget and Economic Outlook: 2018 to 2028.”
Photo by Chip Somodevilla/Getty Images
Further Reading
United States Is Borrowing at a Higher Rate than the Global Average, Warns IMF
New IMF reports serve as a warning to all countries that global fiscal and economic conditions are veering into dangerous territory.
News from the Quarterly Treasury Refunding Statement
As borrowing has risen, the Treasury has generally been increasing the proportion of bills (maturity of one year or less) in its portfolio of marketable securities.
Moody’s Downgrade of U.S. Credit Rating Highlights Risks of Rising National Debt
For the first time ever, all three major credit ratings agencies have downgraded U.S. credit below their top rating.