Budget deficit to break $1 trillion despite a strong economy
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.
The annual CBO update of the government’s economic and fiscal health estimates a $1-trillion deficit for this fiscal year, which would bring the red ink above $1 trillion for the first time since 2012, when President Obama capped four consecutive years of $1 trillion-plus budget deficits.
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