America’s Budget Deficit to Widen to $1 Trillion by 2020

A mix of tax cuts and spending increases by the Trump administration and Congress leaves the U.S. budget deficit on track to surpass the $1 trillion mark by 2020, two years faster than the Congressional Budget Office previously forecast. The shortfall is estimated to reach $804 billion this fiscal year. By the end of 2027, the deficit is forecast to be $1.32 trillion, or 4.6 percent of gross domestic product.