The actual budget deficits in fiscal years 2016, 2017, and 2018 were $587 billion, $665 billion, and $782 billion, respectively. In January 2017, CBO estimated that based on laws in place as of that time, the budget deficit would be $559 billion in 2017 and $487 billion in 2018.^[1] The significant increases are primarily due to policy changes, such as the Tax Cuts and Jobs Act, which significantly reduces revenues relative to the CBO January 2017 baseline.

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