Budget Office: 2018 Deficit Soars 32% To $895 Billion

MarketWatch reports:

The U.S. budget deficit in August was $211 billion, nearly double the gap during the year-ago month, the Congressional Budget Office estimated late Monday.

In the first 11 months of the fiscal year, the deficit was $895 billion, which is $222 billion more than the previous year.

Corporate taxes have plummeted by 30% this fiscal year, both because of the lower rate as well as the expanded ability to immediately deduct the full value of equipment purchases.

The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.