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Deficit to exceed initial estimates by $200B: CBO
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Just The News - Not The Noise
The U.S. annual deficit is expected to be $200 billion more than the Congressional Budget Office originally expected, CBO stated in its monthly review.
Initially, the U.S. deficit had been estimated at $1.9 trillion in February, but its latest review has put the figure at $2.1 trillion, The Hill reported.
The revision marks the latest sign of increasing government deficit spending, with the national debt nearing $40 trillion.
Each year, the U.S. government collects approximately $4 trillion in revenue, compared with roughly $6 trillion in spending.
Social Security remained the largest category at 23%, while Medicare accounted for 14%, Health accounted for another 14%, and 13% was spent on National Defense.