The federal budget deficit was $746 billion for the first nine months of fiscal year 2019, the CBO estimates, $139 billion more than the deficit recorded during the same period last year. Revenues were $69 billion higher and outlays were $208 billion higher than during first nine months of 2018.
The federal minimum wage is $7.25 per hour for most workers. In this report, CBO examines how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would affect employment and family income.
