U.S. to Reach Record Deficit

Sticker Shock

Updated Apr. 25, 2017 11:10AM EDT / Published Jan. 31, 2010 4:13PM EST

Don't flinch: A congressional source reveals The U.S. will reach a record $1.6 trillion budget deficit this year. The White House’s Office of Management and Budget predicts that the deficit for the current fiscal year, ending September 30, will exceed the record $1.4 trillion mark set last year, which is a level not seen in the U.S. since World War II. The Capitol Hill insider says the deficits are expected to drop to $700 billion by the end of fiscal year 2013 and then gradually increase to $1 trillion by the end of 2020, according to the budget proposal to be released Monday.

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U.S. to Reach Record Deficit