Federal deficit up 77 percent so far this budget year

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The government collected lower taxes from individuals and corporations, reflecting the impact of Trump's $1.5 trillion tax cut.

WASHINGTON — The federal government recorded a budget surplus in January. But so far this budget year, the total deficit is 77 percent higher than the same period a year ago.

The Treasury Department said Tuesday that the deficit for the first four months of this budget year, which began Oct. 1, totaled $310.3 billion. That's up from a deficit of $175.7 billion in the same period a year ago. The surplus in January was $8.7 billion.

The higher deficit reflected greater spending in areas such as Social Security, defense and interest payments on the national debt. Meanwhile, the government collected lower taxes from individuals and corporations, reflecting the impact of the $1.5 trillion tax cut President Donald Trump pushed through Congress in 2017.

Individual income taxes withheld from paychecks total $818 billion for the October-January period, down 3 percent from the same period last year. Corporate income taxes total $73 billion over the four-month period, down 23 percent.

https://www.nbcnews.com/politics/politics-news/federal-deficit-77-percent-so-far-budget-year-n979631

[watoos]

1. Here we go again,

who wrote this article? The article blames spending on Social Security for the increased deficit. Social Security is self funded, it contributes nothing to the deficit.

Trump gave away 1.5 trillion dollars that we didn't have. His corporate and rich folk tax cuts are permanent, go on forever. These cuts result in big reductions in revenue. It is projected that our deficit will be 1 trillion dollars a year and growing.

[duforsure]

2. trump and the gop

Gave trillions to the wealthiest people in this country, and while they took just under 2 trillion out of Social Security , Medicare, Medicaid, and robbed millions more of their health care plan, and again ramped up military spending , but want to soon defund SS, Medicare , and Medicaid even more, and even suggested more tax cuts for the wealthy. Their pattern of doing this is very clear .

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3. republics do this every time they get power.