The Congressional Budget Office projects higher deficits for this year and the coming decade, with a fiscal 2020 deficit of $1.015 trillion — $8 billion higher than the agency estimated last August.
The fiscal 2019 deficit was $984 billion, by comparison.
Over the next decade, the cumulative deficit outlined in the agency’s latest budget and economic outlook released Tuesday is estimated at $12.4 trillion, $160 billion more than the earlier projection. Continue reading.