Budget deficit to break $1,000,000,000,000 despite strong economy
WASHINGTON — An annual congressional report says the U.S. budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economy.
Most economists say the most relevant way to look at the deficit is to measure it against the size of the economy, with deficits at 3 percent or so of gross domestic product seen as sustainable. The latest report shows deficits averaging 4.8 percent of GDP over the course of the coming decade. “The economy's performance makes the large and growing deficit all the more noteworthy,” said CBO Director Phillip Swagel. “Changes in fiscal policy must be made to address the budget situation, because our debt is growing on an unsustainable path.”
Divided government isn't helping the deficit picture as the Democratic-controlled House led the way in repealing $377 billion worth of “Obamacare" tax hikes, including a so-called Cadillac tax on high-cost health plans. House Speaker Nancy Pelosi, D-Calif., was also a driving force in last summer's budget accord, which is scored at adding $1.7 trillion to the deficit over the coming decade.
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