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Understanding the chart
The actual budget deficits in fiscal years 2016, 2017, and 2018 were $587 billion, $665 billion, and $782 billion, respectively. In January 2017, CBO estimated that based on laws in place as of that time, the budget deficit would be $559 billion in 2017 and $487 billion in 2018.[1] The significant increases are primarily due to policy changes, such as the Tax Cuts and Jobs Act, which significantly reduces revenues relative to the CBO January 2017 baseline.
References
Summary
| Description |
English: Federal budget deficits from 2016 through 2018 estimates. The CBO estimate for 2018 is from their January 2017 baseline, which reflected laws in place when President Trump was inaugurated. The OMB estimate is from President Trump's 2019 budget. |
| Date | |
| Source | Own work |
| Author | Farcaster |
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File history
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| Date/Time | Thumbnail | Dimensions | User | Comment | |
|---|---|---|---|---|---|
| current | 21:57, 12 September 2020 | | 1,307 × 783 (29 KB) | Farcaster | Update |
| 20:41, 13 October 2018 |  | 1,262 × 731 (51 KB) | Farcaster | Update with 2018 actual and additional estimates | |
| 20:02, 28 August 2018 |  | 1,408 × 783 (32 KB) | Farcaster | Update with latest forecast | |
| 23:26, 13 March 2018 |  | 1,397 × 775 (29 KB) | Farcaster | Include source line | |
| 23:20, 13 March 2018 |  | 1,414 × 763 (29 KB) | Farcaster | User created page with UploadWizard |
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