budget deficit Archives - CFO

Build Back Better Would Raise Deficit, CBO Says

Build Back Better Would Raise Deficit, CBO Says

With the CBO's earlier estimate of savings from tighter IRS enforcement, the legislation would boost the deficit by only $160 billion.

By Matthew Heller | November 19, 2021

U.S. Budget Gap Jumps to $660B in March

U.S. Budget Gap Jumps to $660B in March

Spending on coronavirus relief has "sent the federal debt soaring to levels not seen since the end of World War II as a proportion of the economy."

By Matthew Heller | April 13, 2021

U.S. Budget Deficit Climbs to $572B in Q1

U.S. Budget Deficit Climbs to $572B in Q1

The increase in the deficit reflected in part spending on coronavirus relief programs including enhanced unemployment benefits.

By Matthew Heller | January 12, 2021

Budget Deficit Forecast to Top $1 Trillion in 2020

Budget Deficit Forecast to Top $1 Trillion in 2020

"Changes in fiscal policy must be made to address the budget situation because our debt is growing on an unsustainable path," the CBO says.

By Matthew Heller | January 29, 2020

U.S. Budget Deficit Widens to $984B in 2019

U.S. Budget Deficit Widens to $984B in 2019

“The current levels of debt are unprecedented in peacetime during a growing economy, and the consequences of this irresponsible spending are unknown."

By Matthew Heller | October 25, 2019

U.S. Budget Deficit Increases 23% in Nine Months

U.S. Budget Deficit Increases 23% in Nine Months

The budget gap could top $1 trillion for the full fiscal year.

By Lauren Muskett | July 12, 2019

U.S. Budget Gap Rises to $205B in November

U.S. Budget Gap Rises to $205B in November

“The budget picture is deteriorating as the U.S. taxes individuals and companies less and spends more, mostly on defense and benefit payments."

By Matthew Heller | December 13, 2018

U.S. Budget Deficit Swells to $779B in FY 2018

U.S. Budget Deficit Swells to $779B in FY 2018

The White House blames increased spending for the mounting deficit but its own data "suggest falling revenues were a far larger contributor."

By Matthew Heller | October 16, 2018

U.S. Budget Deficit Widens to $77B in July

U.S. Budget Deficit Widens to $77B in July

Increased government spending and tax cuts are “keeping the country on track to record its biggest annual deficit in six years."

By Matthew Heller | August 13, 2018

U.S. Budget Deficit Widens to $208B in March

U.S. Budget Deficit Widens to $208B in March

The U.S. government's rising debt "would have serious negative consequences for the budget and the nation," the CBO warned this week.

By Matthew Heller | April 12, 2018

U.S. Budget Deficit Grows to $215 Billion

U.S. Budget Deficit Grows to $215 Billion

The February shortfall is an early indication of the effects of the GOP tax cuts, with withholding taxes falling 2%.

By Matthew Heller | March 12, 2018

Tax Cuts: Be Careful What You Wish For

Tax Cuts: Be Careful What You Wish For

The short-term economic boost that the GOP-proposed tax cuts would generate wouldn't be sustainable without growth in the already-tight labor market.

By Joel Naroff | November 9, 2017

CBO: Shutdown Looms If Debt Ceiling Isn’t Lifted

CBO: Shutdown Looms If Debt Ceiling Isn’t Lifted

Projected budget deficits have also increased amid ‘surprisingly weak tax collections.’

By William Sprouse | July 5, 2017

Trade Gap Widens to Record $502B in 2016

Trade Gap Widens to Record $502B in 2016

The stronger dollar, larger federal budget deficits, and low national saving rates could force further widening in the trade deficit.

By Matthew Heller | February 8, 2017

Trade Deficit: Don’t Worry. Budget Deficit: Worry

Trade Deficit: Don’t Worry. Budget Deficit: Worry

Donald Trump's threat to impose heavy tariffs on Mexico and China addresses a nonexistent problem. He should focus instead on the federal budget deficit.

By Marc Wagman | December 12, 2016