Trump Budget Grows Annual Budget Deficit To $987 Billion By 2020; Deficit Under Obama Reached $1.4 Trillion
On February 12, 2018 the White House released a proposed budget with a budget deficit that grows to $987 billion by 2020, according to budget projections within the budget document.
“Trump’s budget anticipates deficits throughout the next 10 years even if Congress were to approve some $3 trillion in cuts over that same time period that he’s proposing for a wide range of federal programs.” Trump has not found support for many of the proposed cuts.
The budget also projects 3% yearly GDP growth, much higher than other independent projections. If GDP growth is below 3% the deficit will grow even larger.
Under President Obama (during the economic recession), the federal budget deficit reached $1.413 trillion.
U.S. Federal Budget Deficits (USD billions)
SOURCE: FRED (See Below Citations)
