Tax, Spending Laws Will Widen Budget Deficits, Boost Growth

Mony
26
0

WASHINGTON—Congress’s nonpartisan scorekeeper is predicting wider budget deficits and somewhat stronger economic growth over the coming years due to recent legislation to cut taxes and boost government spending.

The Congressional Budget Office on Monday said the federal budget deficit will total $804 billion this year and exceed $1 trillion a year starting in 2020, up from fiscal 2017’s deficit of $665 billion. Debt held by the public will hit $28.671 trillion at the end of fiscal 2028, or 96.2% of gross domestic product.

Facebook Comments

Comments are closed.