The Congressional Budget Office Report predicts a $118 billion increase over last year's $779 billion deficit
A new government report projects that the budget deficit for 2019 will be close to $900 billion (4.2 percent of gross domestic product (GDP)) and predicts that economic growth will slow as the effects of President Trump’s tax cut on business investment begin to drop off. The Congressional Budget Office suggests in the Budget and Economic Outlook it released Monday that economic growth will “decline sharply” in the fourth quarter this year.
The CBO’s economic projections were finished before the partial government shutdown, but it estimated that as a result of the shutdown, real GDP was 0.
