Deficit rises $94 billion to $693 billion for first half of the year, budget office estimates


(Worthy News) – The federal budget deficit rose by $94 billion to $693 billion for the first half of fiscal 2019, the Congressional Budget Office estimated Friday in its monthly budget review.

Revenues were up, by 1% to $1.5 trillion, but spending rose even more, by about 5% to $2.2 trillion.

The federal government is headed toward a deficit of about $900 billion this year, according to the CBO, which is Congress’ nonpartisan agency for budget and economic projections. Deficits are only supposed to grow in the years ahead because of a long-term mismatch between spending and revenues, sending the federal debt to the highest levels since World War II. [ Source: Washington Examiner (Read More…) ]

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