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.
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Erik Wasson and Sarah McGregor / Bloomberg, Time: Politics
Mon, 04/09/2018 - 11:49am
Topics: president donald trump congressional budget office spending cbo&rsquo deficits china new projections december congress&rsquo joint committee taxation ldquo;today’s cbo michael peterson peterson foundation jobs rates ldquo;during u.s even larger cbo director keith hall republicans democrats u.s trump congress june cbo it the cbo gdp house senate federal trillion percent year fiscal growth report billion legislation remain surpass revenue effects forecast cuts increase years potential reach quarter economy pressure real interest fourth debt enacted annual gap economic period major effect
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