Federal Deficit Estimated at $984 Billion, Highest in Seven Years
October 8th, 2019Via: The Hill:
The federal budget deficit for 2019 is estimated at $984 billion, a hefty 4.7 percent of gross domestic product (GDP) and the highest since 2012, the Congressional Budget Office (CBO) said on Monday.
The difference between federal spending and revenue has only ever exceeded $1 trillion four times, in the period immediately following the global financial crisis.
The deficit, which has grown every year since 2015, is $205 billion higher than it was in 2018, a jump of 26 percent.
The CBO has warned that the nation’s debt is on an unsustainable path. Higher levels of debt increase borrowing costs, make it harder for the government to battle economic downturns and increase the share of future spending devoted to paying off interest costs.
