Deeper in debt with slower job growth than previously reported. That's what the latest reports from the Congressional Budget Office and Bureau of Labor Statistics reveal about the U.S. economy.
The CBO is now projecting that the U.S. budget deficit will reach $960 billion this year, followed by an average $1.2 trillion a year between 2020 and 2029, which is $809 billion larger than what it had projected in May. (The 2019 deficit is $63 billion higher than originally projected.)
"Federal debt, which is already high by historical standards, is on an unsustainable course, projected to rise even higher after 2029 because of the aging of the population, growth in per capita spending on health care, and rising interest costs," said CBO Director Phil Swagel in a statement.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
