US budget deficit under trump will reach $ 1 trillion: what to prepare for
The US federal budget deficit could exceed one trillion dollars in the next fiscal year.
According to "Lenta.ru report“According to the Associated Press forecast, in the 2019 fiscal year the deficit will be $960 billion, and in the next one, which begins in the United States on October 1, it will exceed the trillion mark. The department also expects that the US budget deficit will increase by $10 billion over the next 809 years.
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According to the forecast, in a decade the situation in the USA will not improve and the budget deficit will continue to grow due to an aging population and an increase in health care costs. According to the director of the budget department Phillip Swagel, in order to change the situation, the American authorities will have to raise taxes, cut costs or take both measures at the same time.
The administration explained the pessimistic forecast by the budget bill reached by US President Donald Trump and Congress. The document adopted at the 2020-2021 financial years raises the ceiling of the state debt for the period until July 2021 and increases government spending.
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Earlier, the budget department said that by 2049, US public debt would grow to 144 percent of GDP and reach the highest level in the history of the country. His report said that at 2019, the US government debt is 78 percent of the country's GDP.
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