US Congress Expects the Budget Deficit to Reach $ 3.1 Trillion in 2020

The Congressional Budget Office said during the monthly forecast report that estimates of the budget deficit in the fiscal year 2020 and ended last September indicate $ 3.131 trillion, compared to the deficit of $ 984 billion in 2019.

Despite this rise, this deficit is about $ 180 billion less than the expected deficit last September

According to the monthly report of the Budget Office, preliminary estimates indicate that the total revenue received by the federal government may reach $ 3.419 trillion in 2020 compared to revenues of $ 3.462 trillion in fiscal 2019.

While federal expenditures amounted to $ 6.550 trillion in the fiscal year 2020, with expenditures of about $ 4.447 trillion in the previous year.

“Compared to the size of the economy, the deficit – which is estimated at 15.1% relative to GDP – was the largest since 1945,” the Budget Office said.

He indicated that the fiscal year 2020 is the fifth year in a row that has witnessed an increase in the deficit as a percentage of GDP.

The US Treasury is set to release the actual numbers for fiscal year 2020 later this month.