The U.S. federal budget deficit rose in fiscal year 2018 to the highest level in six years as spending climbed, the Trump administration said Monday. The deficit jumped to $779 billion, $113 billion or 17 percent higher than the previous fiscal period, according to a statement from Treasury Secretary Steven Mnuchin and Office of Management and Budget Director Mick Mulvaney. It was larger than any year since 2012, when it topped $1 trillion. The budget shortfall rose to 3.9 percent of U.S. gross domestic product. The deficit increased by $70 billion less than anticipated in a report published in July, according to the two officials. Federal revenues rose only slightly, by $14 billion after Republicans chopped tax rates for corporations and most individuals. Outlays climbed by $127 billion, or 3.2 percent higher. A spike in defense spending, as well as increases for Medicaid, Social Security and disaster relief, contributed to the increase. Trump: We don't have … [Read more...] about US Budget Deficit Expands to $779 Billion in Fiscal 2018 as Spending Surges
Budget deficit by year
WASHINGTON -- The federal government racked up a $76.87 billion budget deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in six years. On Friday, the Treasury Department reported that in the first 10 months of the current budget year, which began on Oct. 1, 2017, the deficit totaled $683.97 billion, up 20.8 percent from the same period last year. Revenue is up only 1 percent this year, the increase held back by a big drop in corporate tax payments. Spending is up 4.4 percent, reflecting a big increase Congress approved earlier this year for domestic and military programs and the rising cost of financing the debt. President Donald Trump's administration last month sharply revised upward its deficit estimates, projecting annual deficits will once again top $1 trillion next year. For the current budget year, which ends Sept. 30, the administration is now projecting a deficit of $890 billion. That would be up … [Read more...] about Budget deficit tops $76B in July
The federal government racked up a $76.9 billion deficit in July, with increased government spending and tax cuts keeping the country on track to record its biggest annual deficit in six years. The Treasury Department reported Friday that in the first 10 months of this budget year: The deficit totaled $684 billion, up 20.8 percent from the same period last year. Revenues are up only 1 percent this year, the increase held back by a big drop in corporate tax payments. Spending is up 4.4 percent, reflecting a big boost Congress approved earlier this year for domestic and military programs and the rising costs of financing the debt. The Trump administration last month sharply revised upward its deficit estimates, projecting annual deficits will once again top $1 trillion in the 2019 budget year, climbing to $1.1 trillion, and remaining above $1 trillion for three years. For the current budget year, which ends Sept. 30, the administration is now projecting a deficit of $890 … [Read more...] about U.S. budget deficit this year already 21% higher than last year
President Donald Trump's administration says spending increases and higher interest rates are expected to push the federal budget deficit above $1 trillion next year, earlier than expected. The White House Office of Management and Budget estimated last month that the deficit would increase $100 billion more than previous estimates in each of the next three years. The deficit had been projected to surpass $1 trillion in 2020. The spending increases fueling the deficit include recent bipartisan budget agreements and the Republican tax cuts passed by Congress in December 2017. With that in mind, we asked the candidates in the 24th Congressional District election -- Rep. John Katko, R-Camillus, and Democrat Dana Balter of Syracuse -- the following question: President Trump's administration said in July that it expects budget deficits to rise $100 billion more than forecast in each of the next three years. It means the federal deficit will rise above $1 trillion starting … [Read more...] about What would John Katko, Dana Balter do about rising federal budget deficits?
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