Budget Deficit Spikes $342B In First Two FY20 Months

Fox Business reports:



The U.S. government deficit spiked 12 percent to $342 billion during the first two months of fiscal year 2020, according to data from the Congressional Budget Office.

The CBO says the U.S. budget deficit will average $1.2 trillion a year from 2020 to 2029, amounting to 4.4 percent to 4.8 percent of gross domestic product.

The federal deficit was $587 billion when President Trump took office in January 2017, and had ballooned to $984 billion in 2019.