US federal deficit to reach $1tn next year, report says
by Dominic Rushe in New York from on (#4NP0A)
Debt held by public is expected to reach 95% of GDP in next 10 years, the highest level since just after the second world war
US federal debt will top $1tn next year even as Donald Trump explores tax cuts and other giveaways that are only likely to increase the deficit.
According to figures released by the Congressional Budget Office (CBO) on Wednesday the US national debt is growing faster than expected and will reach $960bn for the 2019 fiscal year, which ends 30 September, and $1tn for the 2020 fiscal year.
Obama is the most profligate deficit & debt spender in our nation's history. Doubled debt (cont) http://t.co/O4hKAX2iUm
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