Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”
(Worthy News) - The federal deficit will rise to $897 billion this year but isn't expected to surpass $1 trillion for another three years, the Congressional Budget Office said in a report Monday.
Prior CBO projections indicated the deficit would surpass the $1 trillion threshold by 2020, but 2018 declines in emergency relief spending on hurricanes and other disasters altered the outlook. Interest costs on the debt were also lower than expected last year.
"The federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022," the analysis said. "Over the coming decade, deficits (after adjustments to exclude shifts in the timing of certain payments) fluctuate between 4.1 percent and 4.7 percent of gross domestic product well above the average over the past 50 years." [ Source (Read More...) ]
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