The ballooning federal budget deficit under President Donald Trump will force the U.S. to borrow more than $1 trillion this year and risks worsening the frenzy behind the global sell-off in stock markets.
The budget deal Senate leaders reached late Wednesday would add nearly $300 billion in government spending over two years and push the deficit higher. Even beforehand, Bank of America Corp. senior U.S. economist Joseph Song warned in a report that the federal deficit was on track to exceed 5 percent of gross domestic product by 2019, by far the largest for the economy while at full employment since World War II.
