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CBO: Federal budget deficit in June was larger than the entire deficit in 2018


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(The Center Square) – June's federal budget deficit was $864 billion, an amount greater than the entire federal budget deficit for the year of 2018, according to Congressional Budget Office (CBO) data.

“That's more than the entire annual budget deficits of 2017 ($665 billion) or 2018 ($779 billion), more than any year during the George W. Bush administration or Barack Obama's second term,” Peter Suderman, features editor at Reason,  wrote. “In June of 2019, the federal budget deficit was $8 billion, which almost seems like a typo now.”

In light of the unprecedented deficit, Marc Goldwein, head of policy at the Committee for a Responsible Federal Budget, tweeted, “To reduce our debt burden at the pace we did after World War II, we'd either need $20 trillion of 10-year deficit reduction, 6 percent sustained real growth, or 12 percent annual inflation.”:snip:

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