Breaking: The U.S. deficit will soar to $1 trillion by next year, two years sooner than estimated, CBO says.
The U.S. budget deficit is set to widen to $1 trillion by fiscal year 2020, two years sooner than previously estimated, according to the Congressional Budget Office.
It would be the first time the deficit exceeded the $1 trillion mark since 2012, as the economy recovered from the financial crisis. The deficit breaching that threshold would come as President Donald Trump runs for re-election.Economic growth will expand at a 2.3% pace in the fourth quarter this year, followed by 2.1% next year, up from the agency’s prior estimate of 1.7%. After that, growth will slow to about 1.8% through to 2029, the CBO said.
“The nation’s fiscal outlook is challenging,” Swagel said in the statement. “Federal debt, which is already high by historical standards, is on an unsustainable course, projected to rise even higher after 2029 because of the aging of the population, growth in per capita spending on health care, and rising interest costs.”The budget deficit will widen to $1.01 trillion over the 12 months through 2020, from an expected $960 billion this year.
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