CBO Revises 2024 Budget Deficit Forecast to $1.9 Trillion

The U.S. government is forecast to spend $10.3 trillion a year by 2034, according to the Congressional Budget Office.

The National Debt Clock in Atlanta, Ga., on May 20, 2024. Madalina Vasiliu/The Epoch Times

The U.S. budget deficit is expected to be $1.9 trillion for fiscal year 2024, higher than the $1.5 trillion forecast in February, according to the updated outlook of the Congressional Budget Office (CBO).

The CBO’s latest projections, released on June 18, account for recently enacted legislation. They include a $145 billion increase for student loan-forgiveness schemes, a $50 billion boost for Medicaid, and $95 billion in emergency supplemental appropriations for aid to Ukraine, Israel, and Indo-Pacific countries.