U.S. Budget Deficit Will Grow to $1 Trillion in 2020
August 22nd, 2019Via: Bloomberg:
The U.S. budget deficit is growing faster than expected and President Donald Trump’s trade war is weighing on the economy, according to a new Congressional Budget Office forecast that highlights key challenges ahead of the 2020 elections.
The shortfall is set to widen to $1 trillion by fiscal year 2020, two years earlier than previously estimated, according to the non-partisan group’s annual budget outlook released Wednesday in Washington. That’s up from an estimated $960 billion in the 12 months that ends Sept. 30. The CBO said in January saw a gap of $890 billion next year and didn’t see it topping $1 trillion until 2022.
