The Congressional Budget Office estimates the federal deficit will grow to $960 billion this year before climbing above $1 trillion in 2020 -- two years earlier than a projection earlier this year.
As the Trump administration dismisses concern from some economists that the U.S. economy is heading for a recession, the Congressional Budget Office estimates the federal deficit will grow to $960 billion this year before climbing above $1 trillion in 2020 -- two years earlier than a projection earlier this year.
In its fresh report, the CBO warns that annual deficits will soon increase above the average over the past 50 years. After enacting a bipartisan spending agreement early this month, the CBO's estimate of the deficit for fiscal year 2019 grew by an additional $63 billion, while the 10-year cumulative deficit increased another $809 billion higher than an estimate released in May -- totaling more than $12 trillion of deficits in the next 10 years. CBO's baseline projections of primary deficits -- deficits excluding net outlays for interest -- for that period increased by a total of $1.9 trillion.
"A range of developments, such as unexpected changes in international conditions, business confidence or productivity growth, could make economic outcomes differ significantly from our projections," CBO Director Phillip Swagel said."Prospective changes in trade policies add to the projections' uncertainty."
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