The Congressional Budget Office estimated on 8/21/19 that over the next 10 fiscal years(2020-2029), the US government will take in $45.6 trillion of tax receipts versus $57.8 trillion of outlays, resulting in a $12.2 trillion deficit, or an average annual deficit of $1.22 trillion.  The United States has produced annual deficits of at least $1.22 trillion just 3 times in our nation’s history – 2009-2010-2011 (source: CBO).

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