Annual congressional report says the U.S. budget deficit is likely to burst through the symbolic $1 trillion barrier this year, despite a healthy economy.
capped four consecutive years of $1 trillion-plus budget deficits. The government, slated to spend $4.6 trillion this year, would have to borrow 22 cents of every dollar it spends.
Obama's deficits came as the U.S. economy recovered from the deep recession of 2007-2009. The return of trillion-dollar deficit now comes as the economy is humming on all cylinders, with the CBO predicting that the jobless rate nationwide will average below 4 percent through at least 2022. The growth rate is predicted to hit average 2.2 percent this year.
The recent surge in the deficit has followed passage of the 2017 Trump tax bill, which has failed to pay for itself with additional economic growth and revenues as promised by administration figures like Treasury Secretary Steven Mnuchin. The surge in deficits also follows a final rewrite last summer of a failed 2011 budget deal to increase spending of both defense and domestic programs.
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