Congressional Budget Office Estimates Federal Deficit At $984B

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The federal budget deficit for 2019 is estimated at $984B, a hefty 4.7% of gross domestic product and the highest since 2012, according to the Congressional Budget Office.

Unsustainable path? The deficit, which has grown every year since 2015, is $205B higher than it was in 2018, a jump of 26%.

Higher levels of debt increase borrowing costs, making it hard for the government to battle economic downturns and increase the share of future spending allocated to paying off interest costs.

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