The Congressional Budget Office, or CBO, published its latest “Budget and Economic Outlook” which covers 2020 to 2030 on Wednesday, January 29. The 88 page report projects the Federal government receipts and expenditures to calculate the yearly Federal deficits and total debt, and it forecasts various economic metrics such as the economies growth rate and employment numbers.
President Obama entered office in early 2009 in the teeth of the Great Recession. Not surprisingly, the deficit exploded from $459 billion in calendar 2008 to over $1.4 trillion in calendar 2009. As the economy recovered the deficits shrank to a low of $442 billion in 2015 and was $585 billion his last year in office.
President Trump on the other hand was handed an economy that was growing. In 2017, his first year in office the deficit grew to $666 billion, was $984 billion last year and is projected to be over $1 trillion in 2020 at $1.02 trillion. This would be a 74% increase in just four years and going forward the Federal deficit could escalate to $1.7 trillion in 2030.
Read the rest here: https://www.forbes.com/sites/chuckjones/2020/02/01/trumps-deficits-are-racing-past-obamas/#68b1327c4819