The fiscal situation has worsened since earlier this year, with spending higher than expected and revenue lower than anticipated, according to the Congressional Budget Office’s latest update of its budget projections.
In its semiannual outlook released Tuesday, the CBO now estimates the current fiscal year will end with a deficit of $1.9 trillion — $408 billion or 27 percent more than the $1.5 trillion the agency projected in its February report.
And over the next decade, the cumulative deficit also will be higher — $2.1 trillion, or 10 percent more than the agency estimated earlier this year.
