Feds see bleak budget; $902 billion deficit projected in 2019

The government will run a $902 billion deficit this year and will cross the trillion-dollar-per-year mark in 2022, the Congressional Budget Office estimated Monday, delivering a slightly better forecast than last year.

Still, the overall trend remains grim, with deficits expected to remain above a trillion dollars per year for the rest of the next decade, topping $1.3 trillion by 2029.

This marks the first year that Social Security, including interest costs is no longer boosting the budget and by 2020 the program will begin to be a net drag on the rest of the budget, as regular revenue has to be pumped in to cover the costs.

Overall, Social Security and Medicare continue to be the biggest drivers of spending growth, which the CBO said will outstrip revenues and feed the annual shortfall.

No comments yet - you can be the first!

Comments are closed.

Do you Love your country but hate your government?

Join your fellow Libertarians who seek a world of liberty; a world in which all individuals are sovereign over their own lives and no one is forced to sacrifice his or her values for the benefit of others. Join over 500,000 Americans who get their daily dose of minimal government and maximum freedom with The New Liberty Movement.

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.