Budget office estimates US deficit just under $1 trillion
October 6, 2019
WASHINGTON (AP) — The government ran a budget deficit of just under $1 trillion in the just-closed fiscal year, the Congressional Budget Office said Monday.
The $984 billion deficit tally for 2019 came in more than $200 billion more than last year's, despite very low unemployment and continuing economic growth.
Many mainstream economists have long taken the position that deficits and the nation's $22 trillion national debt are unsustainable. CBO noted that deficits have been growing faster than the size of the economy for four years in a row, ending 2019 at 4.7 percent of gross domestic p...
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