United States deficit to surpass $1 trillion two years ahead of estimates

United States deficit to surpass $1 trillion two years ahead of estimates”

That budget gap - the amount by which the USA government spending exceeds revenue - is then forecast to remain above $1 trillion through 2027.

For the first five months of this budget year, the deficit totals $599.7 billion, an increase of 13.8 percent from the same period a year ago.

The nation's budget gap was only set to surpass the trillion-dollar level in fiscal 2022 under CBO's report last June. Federal debt is expected to be nearly 100 percent of gross domestic product by 2028, an "amount far greater than the debt in any year since just after World War II", the CBO said in the report. In the first half of fiscal 2018, social security benefits rose by 4 percent as the number of beneficiaries and their average payment rose, according to CBO.

The CBO typically releases its yearly forecast in January, but Monday's projections were delayed to reflect major tax legislation enacted in December and a subsequent two-year budget agreement.

Members of both parties further added to the deficit in March when they increased military and domestic spending by almost $300 billion over the next two years.

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