Phillip Swagel: Deficit Projection

phillip swagel: The office upped this year's deficit projection by 63 billion and the cumulative deficit projection for the next decade by 809 billion, according to The Japan Times. The higher deficit projections come even as the CBO reduced its estimate for interest rates, which lowers borrowing costs, and as it raised projections for economic growth in the near term. The return of 1 trillion annual deficits comes despite Trump's vow when running for office that he would not just balance the budget but pay down the entire national debt. ; The nation's fiscal outlook is challenging, said Phillip Swagel, director of the nonpartisan CBO. Federal debt, which is already high by historical standards, is on an unsustainable course. The number crunchers at CBO projected that the deficit for the current fiscal year will come to 960 billion. The CBO said the budget deal signed into law earlier this month, which took away the prospect of a government shutdown in October and the threat of deep automatic spending cuts, would boost deficits by 1.7 trillion over the coming decade. In the next fiscal year, which begins Oct 1, it will exceed 1 trillion. (news.financializer.com). As reported in the news.