U.S. Congressional Budget Office Projects $1.1 Trillion Increase in Federal Deficit Over Next Decade

Gate News message, April 28 — The director of the U.S. Congressional Budget Office, Philip Swagel, said on April 27 that the federal government's budget deficit will increase by approximately $1.1 trillion over the next decade.

Swagel attributed the widening deficit to rising energy prices caused by Middle East conflicts, which have offset the government's efforts to stimulate the economy through tax cuts.