The government will run a $902 billion deficit this year and will cross the trillion-dollar-per-year mark in 2022, the Congressional Budget Office estimated Monday, delivering a slightly better forecast than last year.
Still, the overall trend remains grim, with deficits expected to remain above a trillion dollars per year for the rest of the next decade, topping $1.3 trillion by 2029.
This marks the first year that Social Security, including interest costs is no longer boosting the budget and by 2020 the program will begin to be a net drag on the rest of the budget, as regular revenue has to be pumped in to cover the costs.
Overall, Social Security and Medicare continue to be the biggest drivers of spending growth, which the CBO said will outstrip revenues and feed the annual shortfall.