US budget deficit jumps 23% through June [View all]

[groundloop]

Source: ABC News

The U.S. 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 records.

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

The Trump administration is forecasting that the deficit for the full budget year, which ends on Sept. 30, will top $1 trillion, up from a deficit of $779 billion last year.

<snip>

The surge in deficits reflects a variety of factors including a $1.5 trillion tax cut President Donald Trump pushed through Congress in late 2017 and billions of dollars in extra spending Congress approved in early 2018.

Read more: https://abcnews.go.com/Business/wireStory/us-budget-deficit-jumps-23-june-64273365?cid=clicksource_4380645_null_headlines_hed

---

As if nobody saw this coming. Give huge breaks to corporations and the ultra wealthy, create gigantic deficits, use deficits as an excuse to ravage social programs.