The Congressional Budget Office raised its estimate of the projected federal budget deficit and is now predicting that the deficit will reach $960 billion for the 2019 fiscal year, which ends on September 30, and reach $1 trillion for the 2020 fiscal year.
The Congressional Budget Office raised its estimate of the projected federal budget deficit Wednesday and is now predicting that the deficit will reach $960 billion for the 2019 fiscal year, which ends on September 30, and reach $1 trillion for the 2020 fiscal year.
The CBO had previously estimated a $896 billion deficit for 2019 and $892 billion for 2020.The Treasury Department reported earlier this month that the US budget deficit has already hit $867 billion for the first 10 months of the fiscal year, an increase of 27% over this time last year."The nation's fiscal outlook is challenging," said Phill Swagel, director of the CBO.
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.
U.S. budget gap set to top $1 trillion in 2020, two years sooner than expectedThe U.S. budget deficit will expand faster than thought after recent legislation that raised spending levels, according to the Congressional Budget Office.
Read more »
Explainer: What early U.S. presidential polls tell us about the 2020 raceAnyone paying the slightest attention to the Democratic presidential campaign ha...
Read more »
US women footballers' equal pay lawsuit to go to trial in 2020US lawmakers have proposed legislation that would block federal funding for the 2026 Men's World Cup – to be hosted jointly by the United States, Mexico and Canada – until the federation pays its women's national team 'fair and equitable wages'.
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 »
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 »