$1 TRILLION DEFICITS FOR YEARS: Westpac explains why the US budget outlook is troubling

• The US government is spending more than earns, a trend that looks set to continue.
• The Congressional Budget Office (CBO) sees US public sector debt-to-GDP rising to 96% within 10 years, up from 77% at present.
• Westpac Bank describes this as a “troubling fiscal outlook”.

The US government is spending more than it earns, a trend that looks set to continue if the latest projections from the bipartisan Congressional Budget Office (CBO) are anything to go by.

According to the group’s baseline budget projections released earlier this week, the federal government deficit is expected to rise from $ 665 billion last year to $ 981 billion by 2019.

See the rest of the story at Business Insider

NOW WATCH: Wall Street’s biggest bull explains why trade war fears are way overblown

See Also:

• The ‘synchronized global economic recovery’ just slowed down sharply
• The world has never been in this much debt before
• Gold is rallying, and one analyst says there’s more upside to come