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. 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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