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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Norway's $1 trillion sovereign wealth fund grows despite a volatile quarter for marketsThe wealth fund which is capitalized using proceeds from sales of oil is buying more stocks to invest in its portfolio.
Read more »
Germany sells nearly $1 billion of 30-year negative yielding bondsGermany sold 30-year bonds at a negative yield for the first time, in another sign of how investors’ desperation for safe assets is inflating their value.
Read more »
The Obamas’ First Big Anti-Trump Statement of 2020The former first couple’s Netflix documentary takes aim at Trump’s promises to reinvigorate the industrial heartland.
Read more »
The Last Mile: Cars That Will Be Discontinued For 2020Cars that will be discontinued for 2020:
Read more »
CNN Poll: Biden regains double-digit lead over 2020 Democratic fieldJoe Biden has expanded his edge over the Democratic field in a new CNN poll conducted by SSRS, with 29% of Democratic and Democratic-leaning registered voters saying they back the former vice president.
Read more »