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Federal deficit rose to $984B in 2019, highest in 7 years: Budget office
Tuesday, October 8, 2019 | Tag Cloud Tags: Congress, debt, deficit, Economy, News, Trump, War, Washington, Worthy News
(Worthy News) - The federal deficit rose to $984 billion in fiscal year 2019, the Congressional Budget Office estimated on Monday, an increase of $205 billion.
The deficit was 4.7% of gross domestic product, the largest since 2012 and larger for the fourth year in a row. The annual shortfall is also roughly 50% larger than when President Trump took office.
The federal budget deficit is big by historical standards, and federal debt is expected to rise significantly in the years ahead, to the largest size relative to the economy since World War II. Economic growth is also expected to slow slightly in the years ahead. [ Source: Washington Examiner (Read More...) ]
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