US budget deficit to break $1 trillion in fiscal 2020, CBO says

The U.S. budget deficit likely will break the $1 trillion barrier in 2020, the first time that has happened since 2012, according to Congressional Budget Office estimates released Tuesday.

As part of a spending pattern that the CBO deemed unsustainable, the national debt is expected to hit $31.4 trillion by 2030. 

The spending gap will grow from 4.6% of GDP to 5.4% by 2030 as well.

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