Budget deficit to break $1 trillion despite strong economy An annual congressional report says that the U.S. budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economyWASHINGTON -- An annual congressional report says the U.S. budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economy. Those have combined to deepen the government's deficit spiral well on into the future, with trillion-dollar deficits likely for as far as the eye can see. House Speaker Nancy Pelosi, D-Calif., was also a driving force in last summer's budget accord, which is scored at adding $1.7 trillion to the deficit over the coming decade. The CBO report landed amid an intensifying presidential campaign in which concerns about the deficit are not really an issue. The administration's budget is being released next month but is likely to be largely ignored, especially as election-year politics take over.

Source: ABC News January 28, 2020 19:11 UTC