U.S. Budget Deficit Expected to Reach $1.9 Trillion

The CBO released its report titled "Budget and Economic Outlook Update: 2024-2034."

The report states that the federal budget deficit is expected to be $1.9 trillion in the 2024 fiscal year.

The CBO's report indicates that this expectation for the budget deficit is about $400 billion higher than the estimate announced in February.

The report also notes that federal spending in the 2024 fiscal year is expected to total $6.8 trillion, while revenues are projected to be $4.9 trillion.

The report points out that these deficits will increase public debt, forecasting that public debt will rise from $26.2 trillion at the end of 2023 to $50.7 trillion by the end of 2034.

The report also mentions that the U.S. economy is expected to grow more slowly in 2024 and 2025 compared to 2023, with the growth rate projected to be 2% for this year and next year.