U.S. Budget Deficit Expected to Top $1 Trillion in 2020, 2 Years Sooner Than Anticipated

U.S. Treasury Department sign in Washington D.C. building facade. The U.S. budget deficit is set to widen to $1 trillion by fiscal year 2020, two years sooner than previously estimated, according to the Congressional Budget Office findings Wednesday.
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(Bloomberg) –– The U.S. budget deficit is set to widen to $1 trillion by fiscal year 2020, two years sooner than previously estimated, according to the Congressional Budget Office.

The deficit will expand faster than thought after recent legislation that raised spending levels, according to the non-partisan group’s annual budget outlook released Wednesday. That effect was somewhat moderated by the expectation of lower interest rates, which reduces borrowing costs.

It would be the first time the deficit exceeded the $1 trillion mark since 2012, as the economy recovered from the financial crisis. The deficit breaching that threshold would come as President Donald Trump runs for re-election.

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About Cholo Brooks 11028 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.