The federal deficit will fall just shy of the $1 trillion mark next year, but eclipse that number in 2020 and then indefinitely, the Congressional Budget Office projected Monday in a report that reflects the long-run budget challenges facing the government that Congress has exacerbated with spending increases and tax cuts.
The government’s annual shortfall will total $804 billion in fiscal 2018 and rise to $981 billion in fiscal 2019, the CBO estimated, and then top the $1 trillion mark in 2020 before growing indefinitely. Previously, it hadn’t seen trillion-dollar deficits before 2022.
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