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Wed, 13 Nov 2019 14:09 GMT

US Budget Deficit Rises to 23% in June


7Dnews London

Fri, 12 Jul 2019 09:45 GMT

The US budget deficit increased by $140 billion during the first nine months of this budget year to $747.1 billion as government revenues and spending both hit record highs, the Treasury Department said Thursday July 11th.

The deficit for the current fiscal year to June is up 23.1% over the same period a year ago with receipts rising by 2.7% while spending increased by 6.6%, the Treasury Department reported, according to AP.

The deficit for the full budget year, which ends on September 30th, will exceed $1 trillion, up from a deficit of $779 billion last year, the Trump administration forecasts.

The Congressional Budget Office (CBO) is not quite so pessimistic for this year, forecasting a deficit of $896 billion for the period. But the CBO projects that deficits will reach $1 trillion beginning in 2022 and will remain above $1 trillion annually until 2029.

The surge in deficits reflects a variety of factors including a $1.5 trillion tax cut President Trump pushed through Congress in late 2017 and billions of dollars

in extra spending Congress approved in early 2018.

US & Canada