The U.S. government is set to borrow nearly $1 trillion this year, an 84 percent jump from last year

[TomCADem]

Source: MSN/Washington Post

It was another crazy news week, so it's understandable if you missed a small but important announcement from the Treasury Department: The federal government is on track to borrow nearly $1 trillion this fiscal year — Trump's first full year in charge of the budget.

That's almost double what the government borrowed in fiscal year 2017.

Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year, according to a documents released Wednesday. It's the highest amount of borrowing in six years, and a big jump from the $519 billion the federal government borrowed last year.

Treasury mainly attributed the increase to the “fiscal outlook.” The Congressional Budget Office was more blunt. In a report this week, the CBO said tax receipts are going to be lower because of the new tax law.

Read more: https://www.msn.com/en-us/news/politics/the-us-government-is-set-to-borrow-nearly-dollar1-trillion-this-year-an-84-percent-jump-from-last-year/ar-BBIDDl0

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Of course, Mnuchin tried to BS rather than acknowledge that Trump's tax cut to the rich resulted in the explosion in the deficit.