CBO forecasts the return of trillion-dollar deficits

The Congressional Budget Office on Monday forecast the return of trillion-dollar deficits in 2020, in the nonpartisan agency's first budget update since the enactment of President Donald Trump's tax cut law last year and the big spending bill this year. The CBO said the deficit for fiscal 2018 would total $804 billion, up from $665 billion in the last fiscal year. In 2019, the agency said, the shortfall will total $981 billion. Beginning in 2020, however, the CBO said deficits would exceed $1 trillion a year. The projected deficit for fiscal 2018 is $242 billion larger than the shortfall the agency projected back in June. The U.S. last ran a budget deficit of more than $1 trillion in 2012.