The Congressional Budget Office raised its estimate of the projected federal budget deficit and is now predicting that the deficit will reach $960 billion for the 2019 fiscal year, which ends on September 30, and reach $1 trillion for the 2020 fiscal year.
The Congressional Budget Office raised its estimate of the projected federal budget deficit Wednesday and is now predicting that the deficit will reach $960 billion for the 2019 fiscal year, which ends on September 30, and reach $1 trillion for the 2020 fiscal year.
The CBO had previously estimated a $896 billion deficit for 2019 and $892 billion for 2020.The Treasury Department reported earlier this month that the US budget deficit has already hit $867 billion for the first 10 months of the fiscal year, an increase of 27% over this time last year."The nation's fiscal outlook is challenging," said Phill Swagel, director of the CBO.
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