deficit

The US budget deficit ballooned to a record high in the month of May, as federal spending continued to outpace income despite a solid economy.
The gap between the amount the government takes in and spends rose nearly 42% last month.
In the first eight months of the fiscal year, the deficit increased about 39% to $738.6 billion.

The US budget deficit ballooned to a record high in the month of May, as federal spending continued to outpace income despite a solid economy.

The gap between the amount the government takes in and spends came in at $207.8 billion last month, the Treasury Department said Wednesday, nearly 42% higher than a year earlier. The increase happened in part because of June 1 falling on a Saturday, a non-business day, meaning some benefit payments were made earlier than usual.

Lawmakers typically try to reduce the deficit when the economy is strong, but recent legislation has taken it in the opposite direction. In the first eight months of the fiscal year, the deficit increased about 39% from a year earlier to $738.6 billion.

Tariff receipts were up sharply in May, rising 80% from a year earlier. President Donald Trump has imposed duties on …read more


Source:: Businessinsider – Politics

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *