By Congressional Budget Office–
As it typically does each spring, the Congressional Budget Office has updated the baseline budget projections it published early in the year. If no further legislation is enacted this year that affects the federal budget, the total federal deficit for fiscal year 2019 will be nearly the same as the agency estimated it to be in January 2019, according to CBO’s projections. If current laws remained unchanged, the deficit would generally increase in nominal terms through 2029 and would be considerably larger as a share of the nation’s output (gross domestic product, or GDP) than its average over the past 50 years, CBO estimates. As a result, debt held by the public would rise significantly from its already high level.
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