Deficit Surpasses $1 Trillion

first_imgSurprise! The federal deficit now exceeds a trillion dollars.According to numbers released by the Congressional Budget Office, the deficit surpassed the trillion-dollar mark in the first eleven months of the current fiscal year.To put that in perspective, that’s about $181 billion more than last year’s number.The CBO estimates the actual deficit for the year will be around 960 billion once the U.S. Treasury collects quarterly tax payments for September.Right now this massive deficit is not sustainable according to economists.Congress headed back to Washington this week once again facing a government shutdown with little time to act.Lawmakers have only three weeks to stop federal funding from lapsing. Current appropriations run out at the end of September.Facing the risk of a shutdown that could upend federal workers’ lives and drag on the economy, the Democratic-held House will push to pass a short-term bill to keep the government running. The chamber will consider a so-called continuing resolution during the week of Sept. 16.last_img