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  • "The federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits...fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years."
  • "Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 93 percent of GDP in 2029 (its highest level since just after World War II) and about 150 percent of GDP in 2049—far higher than it has ever been."
  • "Federal outlays...are projected to climb from 20.8 percent of GDP in 2019 to 23.0 percent in 2029. The aging of the population and the rising cost of health care contribute significantly to the growth in spending for major benefit programs, such as Social Security and Medicare."
  • After 2019, annual economic growth is projected to slow to between 1.7 and 1.8 percent until 2029, below the potential growth levels projected by the CBO.
  [caption id="attachment_2749" align="aligncenter" width="787"] SOURCE: Congressional Budget Office (See Below Citations)[/caption] [post_title] => Congressional Budget Office 2019 Economic Outlook Report: Budget Deficit Over $1 Trillion Per Year, Well Above Average; Debt Projected To Be 93% Of GDP (Highest Since WWII); Government Spending Increasing; Economic Growth Projected To Slow To 1.7% Through 2023 [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => congressional-budget-office-2019-economic-outlook-report-budget-deficit-1-trillion-per-year-well-average-debt-projected-93-gdp-highest-since-wwii-government-spending-increas [to_ping] => [pinged] => [post_modified] => 2019-02-09 15:24:27 [post_modified_gmt] => 2019-02-09 15:24:27 [post_content_filtered] => [post_parent] => 0 [guid] => http://factualuprising.com/?p=2748 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [1] => WP_Post Object ( [ID] => 2631 [post_author] => 1 [post_date] => 2018-07-27 16:40:38 [post_date_gmt] => 2018-07-27 16:40:38 [post_content] => "The Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — on average, almost $100 billion more a year in deficits." "The reason is President Trump’s tax cuts. The law introduced a standard corporate rate of 21 percent, down from a high of 35 percent, and allowed companies to immediately deduct many new investments. As companies operate with lower taxes and a greater ability to reduce what they owe, the federal government is receiving far less than it would have before the overhaul." 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.   [post_title] => Federal Budget Forecasts Revised To Add Nearly $1 Trillion Of Additional Debt Over The Next 10 Years Because Of New Tax Laws [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => federal-budget-forecasts-revised-add-nearly-1-trillion-additional-debt-next-10-years-new-tax-laws [to_ping] => [pinged] => [post_modified] => 2018-07-27 16:42:26 [post_modified_gmt] => 2018-07-27 16:42:26 [post_content_filtered] => [post_parent] => 0 [guid] => http://factualuprising.com/?p=2631 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) [2] => WP_Post Object ( [ID] => 2580 [post_author] => 1 [post_date] => 2018-04-27 10:26:18 [post_date_gmt] => 2018-04-27 10:26:18 [post_content] => 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)

[caption id="attachment_2592" align="aligncenter" width="1334"] SOURCE: FRED (See Below Citations)[/caption]
[post_title] => Trump Budget Grows Annual Budget Deficit To $987 Billion By 2020; Deficit Under Obama Reached $1.4 Trillion [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => trump-budget-grows-annual-budget-deficit-987-billion-2020 [to_ping] => [pinged] => [post_modified] => 2018-05-20 13:08:38 [post_modified_gmt] => 2018-05-20 13:08:38 [post_content_filtered] => [post_parent] => 0 [guid] => http://factualuprising.com/?p=2580 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw ) ) [post_count] => 3 [current_post] => -1 [in_the_loop] => [post] => WP_Post Object ( [ID] => 2748 [post_author] => 1 [post_date] => 2019-02-09 15:03:38 [post_date_gmt] => 2019-02-09 15:03:38 [post_content] => The Congressional Budget Office, a non-partisan group employed by Congress to provide budget and economy forecasts and analysis.  Their 2019 Economic Outlook Report provides a detailed analysis on government spending and economic growth in the United States.  Key points in this report include:
  • "The federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits...fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years."
  • "Because of persistently large deficits, federal debt held by the public is projected to grow steadily, reaching 93 percent of GDP in 2029 (its highest level since just after World War II) and about 150 percent of GDP in 2049—far higher than it has ever been."
  • "Federal outlays...are projected to climb from 20.8 percent of GDP in 2019 to 23.0 percent in 2029. The aging of the population and the rising cost of health care contribute significantly to the growth in spending for major benefit programs, such as Social Security and Medicare."
  • After 2019, annual economic growth is projected to slow to between 1.7 and 1.8 percent until 2029, below the potential growth levels projected by the CBO.
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