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America's federal deficit will top $1 trillion by 2020, two years earlier than prior estimates, as tax cuts and federal spending hikes take effect, the Congressional Budget Office said on Monday.
President Donald Trump is proposing a $4 trillion-plus budget for next year that projects a $1 trillion or so federal deficit and, unlike the plan he released last year, never comes close to promising a balanced federal ledger even after 10 years.
