3.5

3.0

2.5

2.0

$ Trillion

1.5

1.0

0.5

0.0

​

Forecast

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Note: 2024 and 2025 represent TD Securities forecast.

Source: CBO, TD Securities

Budget Deficit

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Forecast

Note: 2024 and 2025 represent TD Securities forecast.

Budget Deficit

12

13

14

15

16

17

18

19

20

21

22

23

24

25

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

$ Trillion

Growth is getting better, not worse