The CBO says the deficit is growing faster than previously expected, with tax cuts and increased government spending not producing the economic growth forecast. The deficit was projected to reach the $1 trillion mark in 2022, but that estimated has been revised to 2020.
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The U.S. budget deficit will surpass $1 trillion by 2020, two years sooner than previously estimated, as tax cuts and spending increases signed by President Donald Trump do little to boost long-term economic growth, according to the Congressional Budget Office.
Spending will exceed revenue by $804 billion in the fiscal year through September, jumping from a projected $563 billion shortfall forecast in June, the non-partisan arm of Congress said in a report Monday. In fiscal 2019, the deficit will reach $981 billion, compared with an earlier projection of $689 billion.
The nation’s budget gap was only set to surpass the trillion-dollar level in fiscal 2022 under CBO’s report last June.
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https://www.bloomberg.com/news/artic...-2020-cbo-says
