Business
July US budget deficit nearly doubles from last year
Despite stronger-than-predicted economic growth ahead, the CBO said the deficit will grow to $804 billion in fiscal 2018, which ends on Sept. 30, up from $665 billion in fiscal 2017. The deficit is how much Washington’s spending exceeds its revenues.
CBO forecast 3.3 percent growth in 2018 in gross domestic product, a broad measure of the economy, and 2.4 percent GDP growth in 2019.
In the next few years, deficits will “grow substantially” before stabilizing in 2023, resulting in a projected cumulative deficit of $11.7 trillion for 2018-2027, the CBO said.
2014
The Budget Deficit Fell to It's Lowest Level Under OBAMA.
The Budget Deficit Just Fell To Its Lowest Level Under Obama
The US budget deficit fell to about $483 billion in fiscal year 2014, almost a $200 billion drop from the previous year and the lowest level of President Barack Obama's six years in office.
The US Treasury Department released the official figures on Wednesday, generally confirming figures released
by the nonpartisan Congressional Budget Office last week. It's the smallest deficit recorded since 2008.