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U.S. expects to hit $1 trillion deficit earlier than planned
Until debt tear us apart by Alice Pasqual on Unsplash
The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.
Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.
