Economics
Deficits Rising as Economy Slows, CBO Says in Defying Trump View
- Growth expected to fall short of Trump’s 3% goal, CBO projects
- Deficit to hit $1 trillion two years later than last estimate
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U.S. budget deficits are set to widen further in coming years and economic gains will be “muted,” according to the Congressional Budget Office’s latest forecast, an outlook that’s weaker than the Trump administration’s target of at least 3 percent growth.
However, the budget deficit will hit $1 trillion two years later than previously projected, mainly due to lower disaster-relief spending, according to non-partisan arm of Congress.