The US 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 percent from the same period a year earlier. Spending rose eight percent to $3.73 trillion, and tax revenue rose three percent 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.
Also Read
-
Fed’s Bullard to AFP: US interest rates ‘in right neighborhood’
The Federal Reserve has set US interest rates “in the right neighborhood” but will watch how the economy reacts to factors like the trade ... Economy -
Trump’s trade war cost US economy $7.8 bln in 2018, says study
President Donald Trump’s trade battles cost the US economy $7.8 billion in lost gross domestic product in 2018, a study by a team of economists ... Economy -
US economy grew 2.9 pct in 2018, highest in 13 years
The US economy kicked into high gear last year, recording the strongest growth in 13 years in the wake of sweeping tax cuts and fiscal stimulus, ... Economy
