The U.S. budget deficit is slated to soar above $1 trillion this year and could soar to $1.3 trillion per year for the next decade, according to a congressional report released on Tuesday. The Congressional Budget Office report on the government's economic and fiscal health estimates a $1 trillion deficit for the ongoing fiscal year, which would bring the red ink above $1 trillion for the first time since 2012, when then-President Barack Obama capped four consecutive years of $1 trillion-plus budget deficits. The return of trillion-dollar deficit now comes as the economy is humming on all cylinders, with the CBO predicting that the jobless rate nationwide will average below 4 percent through at least 2022. 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. The CBO report landed amid an intensifying presidential campaign in which concerns about the deficit are not really an issue.

Source: Fox News January 28, 2020 19:30 UTC