This total amounts to roughly 3.9% of gross domestic product (GDP) and marks the third straight year that the deficit increased as a share of the economy. The outcome could have actually been worse, but the timing of the scheduled payments helped boost the numbers.
“As was the case last year, this year’s outlays were affected by shifts in the timing of certain payments that otherwise would have been due on a weekend. If not for those shifts, the deficit for the year would have been $826 billion — $162 billion larger than last year’s amount,” states the report.
The deficit represents a 17% jump from the 2017 fiscal year, and the CBO projects that this number will rise to $981 billion next year, or about 4.6% of GDP, and over $1 trillion in 2020.
This continued deterioration of government finances will come despite the administration’s attempt to spur economic growth, according to the CBO.