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The Congressional Budget Office projects the federal budget deficit to reach $1.9 trillion this fiscal year, due to increased government spending. US deficit projected to reach $1.9 trillion this year
The estimate, which precedes the U.S. Treasury Department's year-end budget report later this month, shows a deficit up 11% from the $1.7 trillion fiscal 2023 gap but slightly lower than the $1.9 ...
The federal budget deficit will hit $1.9 trillion this fiscal year, according to an updated projection released Tuesday by the Congressional Budget Office. That’s 27% – or $400 billion ...
CBO projects a federal budget deficit of $1.6 trillion for 2024. In the agency’s projections, deficits generally increase over the coming years; the shortfall in 2034 is $2.6 trillion. The deficit amounts to 5.6 percent of gross domestic product (GDP) in 2024, swells to 6.1 percent of GDP in 2025, and then declines in the two years that follow.
Dollars: The 2014 deficit was approximately $486 billion, with tax revenues of $3.0 trillion and spending or outlays of $3.5 trillion. CBO projected in February 2013 that the debt held by the public will rise from $11.3 trillion in 2012 to $18.9 trillion in 2022 under its "baseline scenario," an increase of $7.6 trillion over 10 years.
The interest expense for fiscal year 2019 is $363 billion, or 7.9% of the total budget. According to estimates from the Office of Management and Budget, interest on government debt is expected to more than double by 2028 and account for a larger percentage of total expenditures. [10]
The Congressional Budget Office said last week that the federal budget deficit will reach an estimated $1.9 trillion in fiscal year 2024, up from the $1.5 trillion estimate released just four ...
The CBO forecast in April 2020 that the budget deficit in fiscal year 2020 would be $3.7 trillion (17.9% GDP), versus the January estimate of $1 trillion (4.6% GDP). [66] The COVID-19 pandemic in the United States impacted the economy significantly beginning in March 2020, as businesses were shut-down and furloughed or fired personnel. About 20 ...