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Mon Aug 12, 2019, 03:19 PM

US budget deficit grows 27% through July

Source: ABC News

The U.S. 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% from the same period a year earlier. Spending rose 8% to $3.73 trillion, and tax revenue rose 3% 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.

Read more: https://abcnews.go.com/Business/wireStory/us-budget-deficit-grows-27-july-64929418



Health care and defense were the main drivers. More details from Reuters:

In July, Washington spent $53 billion on defense programs, up from $43 billion in the same month of 2018. Spending on Medicare rose to $66 billion from $34 billion, though some of that increase was because of calendar adjustments, a Treasury official said.

When adjusted for calendar effects, the U.S. government’s deficit last month was $129 billion compared with an adjusted deficit of $122 billion in July 2018, the Treasury official said.

Even accounting for the calendar adjustments, spending on Medicare rose 11 percent in July compared to the same month a year earlier.

https://www.reuters.com/article/us-usa-economy-budget/us-budget-deficit-widens-spending-up-on-health-military-idUSKCN1V21RE

11 replies, 1054 views

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 03:28 PM

1. Queue Dirksen's famous statement,,,,,,,,

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Response to benld74 (Reply #1)

Mon Aug 12, 2019, 03:29 PM

3. Pretty soon you're talking real money

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 03:28 PM

2. Donald Trump's $1.5 trillion tax cut !

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 03:33 PM

4. Donald Trump's $1.5 trillion tax cut

>>The Treasury Department say the deficit for the current fiscal year through July is up 27% from the same period a year earlier. Spending rose 8% to $3.73 trillion, and tax revenue rose 3% 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.

**********

I'll say it again, DUMP tRUMP!

He's bankrupting America with his tax breaks for the rich only!

& recommend!!

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 03:35 PM

5. When are you republicans going to do that mythical fiscal responsibility thing that you preach but r

When are you republicans going to do that mythical fiscal responsibility thing that you preach but refuse to practice?

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Response to keithbvadu2 (Reply #5)

Mon Aug 12, 2019, 09:01 PM

11. They are already brazenly admitting it.

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 03:36 PM

6. "The CBO expects the deficit to begin exceeding $1 trillion a year in 2022" ?

Now that's being behind the curb.

This year, people!

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 03:49 PM

7. Low unemployment, high stock market, peacetime

yet we have record deficits. Can't wait to see what happens during the next recession...

Maybe they'll solve this problem with more tax cuts and military spending, and cut benefits and social programs some more.

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 07:17 PM

8. Thanks, Dotard and Republicans. Nt

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 07:45 PM

9. It only matters when it's to their advantage to make an issue of it.

Defense desperately needs to be reigned in, but expecting a Republic to do it is absurd.

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Response to BeyondGeography (Original post)

Mon Aug 12, 2019, 08:44 PM

10. Cuing up the broken record of more cuts to domestic spending....

any day now from the "conmanservatives".

Wash, rinse, repeat. Same 'ole GOP cycle......

tRump will celebrate the cuts with another million dollar golf outing.

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