US Budget deficit will hit higher than $1 trillion in the 2020 fiscal year, according to CBO

Sign in

  

Delete Comment

Are you sure you want to delete this comment?

US Budget deficit will hit higher than $1 trillion in the 2020 fiscal year, according to CBO

The Congressional Budget Office reports that the deficit will hit the highest numbers since 2012

The budget deficit will hit a record high and break the $1 trillion, the highest since 2012. After passing that mark this year, the deficit is expected to average $1.3 trillion between 2021-30, rising from 4.6% of GDP to 5.4% over the period. The CBO has declared that this spending pattern is "unsustainable" and expects the national debt to hit $31.4 trillion.

“Not since World War II has the country seen deficits during times of low unemployment that are as large as those that we project,” said CBO Director Phillip Swagel.

On the less negative side, the Congressional Budget Office predicts that the economy will grow at a 2/2% rate, with a lot of the growth hinging on exports.

https://www.youtube.com/watch?v=gKC5fGCLTC0

Like
Comment
Loading comments