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Aug
27
U.S. Fiscal Issues: Larger Deficits Are Driving Up Debt
U.S. Fiscal Issues: Larger Deficits Are Driving Up Debt According to the most recent Congressional Budget Office (CBO) projection, the federal budget deficit for fiscal year 2018 (which ends on September 30) will reach $793 billion, or 3.9% of gross domestic product (GDP). This figure is $230 billion larger than the CBO previously estimated in June 2017, largely because legislation enacted since then reduced potential revenues and increased anticipated spending.1 The government runs a deficit when it spends more money over the year than it collects in tax revenue. To cover the difference, the government must borrow money from investors through the sale of Treasury bonds. Annual budget deficits add to the national debt, which already...
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 Securities, insurance products, and investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC. Additional insurance services offered through SGM Agency, LLC. Smith, Moses & Company, LLC and SGM Agency LLC are not affiliated with FSC Securities Corp.



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