Budget office estimates US deficit just under $1 trillion

WASHINGTON — 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 product.

Others say deficits are manageable and note continued low interest rates despite steadily growing debt.

There's no appetite in Washington to try politically painful medicine to deal with the deficit. Democrats have noted the spike in deficits since President Donald Trump's tax cut plan was passed in 2017, while Trump has promised not to touch popular retirement benefits like Social Security and Medicare.

Though the deficit has yet to hit the symbolic $1 trillion mark it registered during former President Barack Obama's first term, it could jump if the economy slides into a recession.

The Treasury Department will release the final deficit figures mid-month. CBO's preliminary estimate is based on daily Treasury reports.

Similar News

Rugby couple put respect in front and center in Olympics

Aug 10, 2016

Isadora Cerullo has become a celebrity around Rio, more for what happened on the sidelines of the Olympic rugby stadium than for her performances on the pitch

Ride operator had other incident before Ferris wheel spill

Aug 11, 2016

The organizers of the eastern Tennessee fair where three girls fell from a Ferris wheel kept their ride operator despite an incident across the state line that injured five and caused the owners' son to be jailed

Clinton knocks 'outlandish Trumpian ideas' in policy speech

Aug 11, 2016

Hillary Clinton sought to undercut Donald Trump's claim to working class voters Thursday, portraying her Republican rival as untrustworthy on economic issues, and pushing policies that would only benefit the super-wealthy _ himself included

Broaden