The Congressional Budget Office released budget forecasts that show the federal budget deficit for fiscal 2020 will likely exceed $1 trillion.
“The nation’s fiscal outlook is challenging,” CBO Director Phillip Swagel said in a Wednesday statement. “To put it on a sustainable course, lawmakers will have to make significant changes to tax and spending policies—making revenues larger than they would be under current law, reducing spending below projected accounts, or adopting some combination of those approaches.”
The 2019 fiscal year, which ends Sept. 30, will record a budget deficit of $960 billion. The Congressional Budget Office pointed the finger at the new two-year budget deal for increased deficits, adding $809 billion in additional deficits for a total of $12.2 trillion in debt over the next 10 years.
Money spent on disaster relief and the border was the second major cause of deficit increases, according to the Congressional Budget Office.
