Trump Budget Grows Annual Budget Deficit To $987 Billion By 2020; Deficit Under Obama Reached $1.4 Trillion

 In Budget and Taxes, Economy   Last Updated: May 20, 2018

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)

 

 

"EFFICIENT, EFFECTIVE, ACCOUNTABLE: AN AMERICAN BUDGET." Office of Management and Budget, 12 February 2018. Budget Document. 27 April 2018.
Christi Parsons. "White House releases budget, forecasts a decade of mounting debt." LA Times, 12 February 2018. Web. 27 April 2018.
Nick Timiraos. "White House Budget to Project 3% Growth." Wall Street Journal, 09 February 2018. Web. 27 April 2018.
"Federal Surplus Or Deficit." Federal Reserve Bank Of Saint Louis, Database. 20 May 2018.
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