(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The U.S. budget deficit is growing faster t...
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Widening the nation’s fiscal gap is legislation that raised spending levels, though the effect will be somewhat moderated by the expectation of lower interest rates, which reduces the government’s debt-service burden. Trump has badgered the Federal Reserve to cut its policy rate and market rates are low, too.
He may have a point when the projected deficits are measured as a share of the economy. According to the CBO’s numbers, the deficit will be 4.6% of gross domestic product and stay under 5% of GDP through 2026. That’s about half the level it reached during the financial crisis a decade ago. “The nation’s fiscal outlook is challenging,” CBO Director Phillip Swagel said in a statement. “Federal debt, which is already high by historical standards, is on an unsustainable course, projected to rise even higher after 2029 because of the aging of the population, growth in per capita spending on health care, and rising interest costs.”
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