About: http://data.cimple.eu/news-article/3d39f47ac92d89e5a318d5150540f68919f74743212d85eee2d83dce

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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	The US budget deficit is expected to swell this year to over $1 trillion and remain above that level for a decade as government debt balloons, the independent Congressional Budget Office said Tuesday. Because of the large deficits, CBO said the US debt will grow to 98 percent of the size of the American economy by 2030 -- the highest share since 1946 -- and continue to rise "far higher than it has ever been" to 180 percent of GDP by 2050. Following President Donald Trump's massive tax cut package at the end of 2017, the deficit has been marching higher, despite administration promises that reducing taxes for corporations and the wealthy would pay for themselves. The budget gap came in just under the $1 trillion mark last year but is expected to average $1.3 trillion from 2021 through the end of the decade, according to CBO's latest forecasts. While low US interest rates have reduced the cost of the debt, which helps hold down projected deficits, the CBO said "a combination of recent legislation and other changes increased them." The agency forecast US economic growth will be 2.2 percent this year, adjusted for inflation, "largely because of continued strength in consumer spending and a rebound in business fixed investment." GDP growth is expected to average 1.7 percent over the coming decade, according to the updated forecasts. hs/cs
schema:headline	US deficit seen ballooning over $1 tn this year: CBO
schema:mentions	Government budget balance Government debt Congressional Budget Office Inflation Gross domestic product United States President of the United States Donald Trump Fixed investment
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-01-28 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	75 (xsd:integer)

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