US Deficit To Soar Over 40% In 2019, Exceed $1 Trillion By 2020: CBO

Read more on this subject: Economy – Economics USA
News Story Source: https://www.zerohedge.com, Tyler Durden
Spending will exceed revenue by $804 billion in the fiscal year ending Sept. 30, 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.

Deficits were only set to surpass the trillion-dollar level in fiscal 2022 under CBO's report last June.

The U.S. cumulative deficit — taking into account the new tax and spending legislation — will be $11.7 trillion from 2018 to 2027, about $1.6 trillion larger than the CBO projection in June. The CBO forecast 2 percent less revenue and 1 percent more spending over the period, it said.

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