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U.S. Budget Deficit Set to Reach $1 Trillion in 2020

That’s two years earlier than previously predicted, the Congressional Budget Office said.

The Congressional Budget Office is predicting the federal budget deficit will reach $960 billion in the 2019 fiscal year and $1 trillion in 2020, higher than the figures previously released. The nonpartisan analysis agency had previously forecast a $896 billion deficit for 2019 and $892 billion gap for 2020. The news comes as President Trump confirmed Tuesday to reporters that he is considering more tax cuts, including a payroll tax cut, which would add to government debt. If not for lower-than-expected interest rates reducing the cost of servicing the national debt, the numbers would be even higher, according to The New York Times. Slowed growth in federal revenue following the 2017 tax cuts, paired with bipartisan agreements to raise military and non-defense domestic discretionary spending, have contributed to the deficit projections.