Jan 13, 2020

The world's fast-growing mountain of debt

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U.S. deficit projected to exceed $1 trillion in 2020

Illustration: Aïda Amer/Axios

The U.S. government's budget deficit is projected to top $1 trillion in 2020, according to the latest Congressional Budget Office report released Tuesday.

The big picture: If the projections pan out, this would be the first time since 2012 the deficit hit $1 trillion. In 2020, deficits are expected to increase from 4.6% of GDP to 5.4% in 2030 — growing to the highest sustained levels since World War II, according to the report.

Go deeperArrowJan 28, 2020

First trillion-dollar deficit not caused by the Great Recession

Data: Congressional Budget Office; Chart: Axios Visuals

The Congressional Budget Office expects the U.S. budget deficit will top $1 trillion in fiscal year 2020, the first trillion-dollar deficit in history not caused by the Great Recession.

Why it matters: The deficit is rising at a time of exceptionally low unemployment and solid economic growth, rather than during a crisis, which is typically when spending elevates.

Go deeperArrowJan 29, 2020

Buttigieg says Democrats should be concerned about the deficit

Photo: Win McNamee/Getty Images

Pete Buttigieg said at a town hall in New Hampshire Sunday that the "time has come" for Democrats to do something about the budget deficit, which is projected to exceed $1 trillion under President Trump in 2020, NBC News reports.

Why it matters: The 2020 Democratic field has focused little on the question of reducing the national debt, with Buttigieg himself acknowledging that it's "not fashionable in progressive circles."