Monday, May 6, 2019 | Tag Cloud
, Worthy News
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 Congressional Budget Office projected Thursday that the federal deficit would reach $896 billion for fiscal 2019, up $117 billion from the year before.
That would be the largest shortfall, relative to the economy, since 2012, when the U.S. was still suffering from the financial crisis. The deficit projection was nearly unchanged from the nonpartisan congressional scorekeeper's previous estimates in January.
Thursday's projections assume that Congress and the Trump administration do nothing to increase spending between now and Sept. 30, the end of the fiscal year. But that's unlikely. Senior senators expect to hash out an emergency disaster aid package with the president in the near-term, and in the long-term negotiations to prevent a government shutdown could raise spending on defense and domestic programs. [ Source: Washington Examiner (Read More...) ]
Copyright 1999-2019 Worthy News. All rights reserved.
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.