Federal Deficit Up 50 Percent in New Fiscal Year
Does the new Congress need to address the ballooning deficit?
by The Washington Times | 12.14.18
The federal government is already deep in the red just two months into the new fiscal year, with the Treasury Department announcing Thursday that the deficit surged more than 50 percent so far.
The total damage stands at $305 billion, with about $100 billion of that coming in October and $205 billion added to the deficit last month alone.
Revenue is down slightly while spending has soared, according to Treasury’s figures.
The Congressional Budget Office, in an analysis earlier this week, said the spending numbers are somewhat inflated because of the timing of payments to avoid a weekend. But even accounting for those shifts, outlays would have still risen significantly.
Deficits are expected to reach nearly $1 trillion by the end of the fiscal year, up from $666 billion last year.
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