US budget deficit grows 27% through July
Source: ABC News
The U.S. government's budget deficit rose by $183 billion to $867 billion during the first 10 months of this budget year as spending grew more than twice as fast as tax collections.
The Treasury Department say the deficit for the current fiscal year through July is up 27% from the same period a year earlier. Spending rose 8% to $3.73 trillion, and tax revenue rose 3% to $2.86 trillion.
President Donald Trump's $1.5 trillion tax cut and new spending agreed to last year have swelled the gap between what the federal government spends and what it takes in.
The Congressional Budget Office expects the deficit to begin exceeding $1 trillion a year in 2022.
Read more: https://abcnews.go.com/Business/wireStory/us-budget-deficit-grows-27-july-64929418
Health care and defense were the main drivers. More details from Reuters:
In July, Washington spent $53 billion on defense programs, up from $43 billion in the same month of 2018. Spending on Medicare rose to $66 billion from $34 billion, though some of that increase was because of calendar adjustments, a Treasury official said.
When adjusted for calendar effects, the U.S. governments deficit last month was $129 billion compared with an adjusted deficit of $122 billion in July 2018, the Treasury official said.
Even accounting for the calendar adjustments, spending on Medicare rose 11 percent in July compared to the same month a year earlier.
https://www.reuters.com/article/us-usa-economy-budget/us-budget-deficit-widens-spending-up-on-health-military-idUSKCN1V21RE
benld74
(9,888 posts)BeyondGeography
(39,276 posts)YOHABLO
(7,358 posts)CountAllVotes
(20,854 posts)>>The Treasury Department say the deficit for the current fiscal year through July is up 27% from the same period a year earlier. Spending rose 8% to $3.73 trillion, and tax revenue rose 3% to $2.86 trillion.
President Donald Trump's $1.5 trillion tax cut and new spending agreed to last year have swelled the gap between what the federal government spends and what it takes in.
The Congressional Budget Office expects the deficit to begin exceeding $1 trillion a year in 2022.
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I'll say it again, DUMP tRUMP!
He's bankrupting America with his tax breaks for the rich only!
& recommend!!
keithbvadu2
(36,360 posts)When are you republicans going to do that mythical fiscal responsibility thing that you preach but refuse to practice?
Marcuse
(7,391 posts)sandensea
(21,526 posts)Now that's being behind the curb.
This year, people!
IronLionZion
(45,250 posts)yet we have record deficits. Can't wait to see what happens during the next recession...
Maybe they'll solve this problem with more tax cuts and military spending, and cut benefits and social programs some more.
raccoon
(31,088 posts)maxsolomon
(32,975 posts)Defense desperately needs to be reigned in, but expecting a Republic to do it is absurd.
KY_EnviroGuy
(14,483 posts)any day now from the "conmanservatives".
Wash, rinse, repeat. Same 'ole GOP cycle......
tRump will celebrate the cuts with another million dollar golf outing.