Budget office estimates US deficit under $1tr

The government ran a budget deficit of just under $1 trillion in the just-closed fiscal year, the Congressional Budget Office said on Monday.

The $984 billion deficit tally for 2019 came in more than $200 billion more than last year’s, despite low unemployment and continuing economic growth.

Many economists have long taken the position that deficits and the nation’s $22 trillion national debt are unsustainable. However, others insist deficits are manageable and point to continued low interest rates.

There is no appetite in Washington to try politically painful medicine to deal with the deficit. Democrats have noted the spike in deficits since President Donald Trump’s tax cut plan was passed in 2017.