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The U.S. budget deficit narrowed slightly in the first three months of the fiscal year as revenue grew at a faster rate than outlays, the nonpartisan Congressional Budget Office estimated Friday.
The government recorded a deficit of $371 billion in October, November and December, $18 billion less than a year earlier, CBO said.
Interest payments on the U.S. debt could balloon to $800 billion a year, or 3.4 percent of the economy, by 2020 under current spending and tax laws, a congressional budget analysis released Tuesday said.
The report by the non-partisan Congressional Budget Office said that U.S. debt held by investors, which stands at $9.3 trillion, will exceed $16 trillion by the end of the decade under current law. Rising interest rates means federal spending to service the debt will increase to at least $800 billion by the end of the decade from $197 billion, about 1.4 percent of gross domestic product, in 2010. Get the full story »
