CNBC: America’s budget deficit jumps by 17% as spending surges
* The federal budget deficit rose 17 percent in fiscal 2018, according to the Trump administration.
* Spending jumped, and revenue only increased slightly following the GOP tax cuts.
* The Trump administration has pushed for dramatic budget cuts at several agencies and supported massive increases in military spending.
The U.S. federal budget deficit rose in fiscal 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.
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Update: Feds Collect Record Individual Income Taxes in FY 2018; Still Run $779B Deficit (CNS)
WNU Editor: I can never understand Congress and its hunger for spending money that it does not have. And this is happening when unemployment is at a record low, and the economy growing over 4%. I can only imagine what the deficit would be if there was/is a recession .... or worse.
Hat tip to Fred for this tip.
2 comments:
Well, National Debt is hard to understand as it's money owed to the constituents. And in another post; I mentioned that cash owned by corporations are at an all time high and climbing higher thus investment banking makes money supply high allowing for lower interest rates. As long as the money supply is good; this works and I see nothing hurting supply.
MF, it's the Chinese holders of this debt that bothers me the most. While China has reduced it's buying and holdings of US government debt, those interest payments still help with China's national income and thus it's military funding.
I also am a none debt person so personally I am against it. I don't care to be beholden to others.
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