Red Ink: The Congressional Budget Office says the federal deficit will be 33% higher than last year's. Over the long term, the deficit picture is just as bleak. But on campaign trail, this looming threat gets zero attention from either Hillary Clinton or Donald Trump.
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The CBO's updated budget projections show that federal government's fiscal outlook has worsened considerably over the past year.
Red ink in fiscal year 2016, which ends on Sept. 30, will hit $590 billion. That's much worse than the CBO had expected just a few months ago. It's also a big jump from last year's deficit, which was an already outrageously high $439 billion. Revenues climbed 1% this year, but spending jumped 5%.
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What's more, the CBO projects that in 10 years the annual deficit is on track to more than double, topping $1.3 trillion by 2026. That's equal to 4.9% of the nation's economy, a scale that has been reached only seven times since World War II (and four of those years were under President Obama).Read the rest of this IBD Editorial HERE.
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