Federal deficit to rise to $900 billion for 2019, highest since 2012: CBO

(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…) ]

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