White House budget projects $1 trillion deficit in 2019
The White House’s midyear budget projections see federal deficits surpassing $1 trillion in 2019.
In an annual budget review, the White House’s Office of Management and Budget (OMB) estimated that new legislation enacted since the release of its February budget — alongside new projections on other spending and receipts — would add $101 billion more to the 2019 deficit, pushing it above $1 trillion.
That figure would amount to 5.1 percent of the United States's gross domestic product, the nation’s total economic output.
The midyear budget review was released quietly on Friday.
Estimates from the nonpartisan Congressional Budget Office had forecast the deficit to near $1 trillion in 2019, but not pass it until 2020.
Budget watchdogs said that
deficits had doubled in recent years as a result of bipartisan spending agreements and the GOP tax-cut law passed in December.
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