Be warned: The steady stream of federal red ink is getting to be a deeper shade of crimson. As increases in annual U.S. budget gap add to national debt, blunt prospects for economic growth, and bode badly for America’s financial future. The Congressional Budget Office (CBO) recently revised its projections for the U.S. budget in a report that began with an alert that, in fiscal year 2016, the budget deficit will grow, relative to the economy, for the first time since 2009. In dollar terms, that’s about a $590 billion annual gap, $152 billion wider than last year’s.
Federal Deficit Is Set ‘to Explode’
