Federal deficit ballooned at start of new fiscal year, up 77 percent from a year before

Nov 2005
8,964
3,443
California
#1
The federal budget deficit ballooned rapidly in the first four months of the fiscal year amid falling tax revenue and higher spending, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress as they prepare for a number of budget battles.

The deficit grew 77 percent in the first four months of fiscal 2019 compared with the same period one year before, Treasury said.

The total deficit for the four-month period was $310 billion, Treasury said, up from $176 billion for the same period one year earlier.

“It’s big tax cuts combined with big increases in spending when they already had big deficits,” said former Senate Budget Committee chairman Kent Conrad (D-N.D.). “So guess what, it’s craziness!”

When Republicans seized control of the House of Representatives during the Obama administration, lawmakers and White House officials embarked on a number of strained negotiations to try to reduce the gap between spending and tax revenue. During the Trump administration, there have not been any similar discussions, and President Trump has largely enacted an agenda of tax cuts and spending increases that had grown the deficit markedly.

Tax revenue for October 2018 through January 2019 fell $19 billion, or 2 percent, Treasury said. It noted a major reduction in corporate tax payments over the first four months of the fiscal year, falling close to 25 percent, or $17 billion.

As part of the 2017 tax cut law, the tax rate paid by corporations was lowered from 35 percent to 21 percent.

Spending, meanwhile, increased 9 percent over the same period.
https://www.washingtonpost.com/busi...01ffb5bd5e6_story.html?utm_term=.67bc7ecf42ba

All during a Trump best economy ever period...

I have to chuckle when right-wingers who support Trump think he is there to help them...
No...
 
Nov 2005
8,964
3,443
California
#4
Even better.
The right-wingers just freakin' ignore it...
Not one iota of an attempt to address it...

Just like they have done with all the other Repub presidents in recent past who have chosen actions which increase the deficit.
When a Dem president comes in, they attack him all over the place for not reducing the deficit (when the truth is that Clinton and Obama DID reduce the deficit).
 
Likes: tristanrobin

Similar Discussions