Report shows US deficit to exceed USD 1 trillion next year
The federal budget deficit is expected to balloon to more than USD 1 trillion in the next fiscal year under the first projections taking into account the big budget deal that President Donald Trump and Congress reached this summer, the Congressional Budget Office reported.
The return of USD 1 trillion annual deficits comes despite Trump's vow when running for office that he would not just balance the budget but pay down the entire national debt.
"The nation's fiscal outlook is challenging," said Phillip Swagel, director of the nonpartisan CBO.
"Federal debt, which is already high by historical standards, is on an unsustainable course."
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