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    Home»Politics»Congressional Budget Office predicts $1.2 Trillion annual deficits for the next decade
    Politics

    Congressional Budget Office predicts $1.2 Trillion annual deficits for the next decade

    Ariyanna Smith, DIBy Ariyanna Smith, DIAugust 22, 2019Updated:August 29, 2019No Comments2 Mins Read
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    On August 21, the Congressional Budget Office released a document predicting the federal budget and the U.S. economic outlook for the next 10 years. The results are harrowing.

    What We Know:

    • The document, An Update to the Budget and Economic Outlook: 2019 to 2029, states that the federal budget deficit is $960 billion in 2019. In the past four months, the annual deficit has increased by $63 million.
    • Over the next 10 years, the deficit will average $1.2 trillion between 2020 and 2029. This number also increased by $809 billion since May.
    • CBO Director, Phillip Swagel said in a statement, “The nation’s fiscal outlook is challenging. Federal debt, which is already high by historical standards, is on an unsustainable course.”
    • The document notes two primary reasons for the large deficits. First, the Bipartisan Budget Act of 2019 and second, “supplemental appropriations for disaster relief and border security for 2019.”
    • The Bipartisan Budget Act of 2019 resulted in a $1.7 trillion increase to the annual deficit. The law increased spending limits and suspended the debt limit.
    •  Disaster relief and border security added another $255 billion.
    Deficit predictions.
    • The document states that the GDP (gross domestic product) is expected to increase by 2.3 percent in 2019, which means the U.S. is experiencing “low unemployment and rising wages.”
    • After this year, economic growth is expected to slow down as consumer spending diminishes between 2019-2023.

    New trade agreements, legislation, and other changes could shift these predictions.

    Deficit economy Federal budget GDP National Debt
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    Ariyanna Smith, DI

    Digital News Intern, UnmutedCo. Black News Alerts University of North Carolina at Charlotte B.A. Communication Studies/Journalism 2021

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