Friday, February 26, 2021

Tag: CBO: Massive Budget Deficits Pose “Significant Risk” to Economy

CBO: Massive Budget Deficits Pose “Significant Risk” to Economy

by Peter Schiff, Schiff Gold:

The CBO projects the federal government will run massive budget deficits into the foreseeable future and says the ballooning national debt poses “significant risk” to the economy and financial system.

According to the CBO, the federal budget shortfall will hit $1.02 trillion in FY 2020 and rise into the foreseeable future. Deficits will average $1.3 trillion per year between 2021 and 2030 and top $1.5 trillion by the end of the decade. The CBO projects cumulative deficits over the next decade to total $13.1 trillion.