Global Macro Service > Research Briefings > United States

The outlook for the budget: Alternate realities

While the federal budget deficit won’t breach the symbolic $1 trillion mark in fiscal 2019, it is on track to rise to $975 billion this year. And, despite slight downward revisions to our budget projections, the deficit will widen to more than $1 trillion in 2020 and exceed $2 trillion, or 7% of GDP, by 2028.

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