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.
The CBO has changed its prediction for when the deficit will reach $1 trillion from 2020 to the end of this fiscal yearhttps://t.co/4HrKxSdUzs
— Axios (@axios) September 11, 2018
Federal budget deficit increases 32%, hits $895 billion for first 11 months of the year.
Republicans are in charge, right? https://t.co/zvBNmdWTgu
— Joe Walsh (@WalshFreedom) September 11, 2018
Also, per Woodward book, Cohn was talking to Trump about the increasing U.S. deficit. “What do you mean? Trump asked. Just run the presses — print money.”
— Tarini Parti (@tparti) September 11, 2018
The deficit is up 32% so that billionaires who didn’t need a tax break, could get a tax break. We need smart investments in infrastructure & education — NOT a tax giveaway that doesn’t do nearly enough to help hardworking Americans. https://t.co/tQoISUomnT
— Tim Ryan (@TimRyan) September 11, 2018
Usually federal deficits soar during a downturn (combination of falling tax receipts and stimulus spending). That it is soaring now – it’ll top $1 trillion late this year – is astonishing. This red ink gets tacked onto the debt – now projected to hit $33 trillion in nine years
— West Wing Reports (@WestWingReport) September 11, 2018
It’s simple really: Step 1, cut taxes for the wealthy and corporations to create a budget deficit in the TRILLIONS. Step 2, point to the deficit and say “look, we have to tighten our belts, we can’t afford these programs,” despite what they do to help hardworking Americans.
— Rep. Bonnie Watson Coleman (@RepBonnie) September 11, 2018
The #GOPTaxScam inflated the deficit and will now look to make up for it with cuts to social security, Medicare, Medicaid, and the VA. We’re not going to let that happen. #ForThePeople https://t.co/YkKaPRihA8
— Raul M. Grijalva (@RepRaulGrijalva) September 11, 2018
The federal deficit hit $895 billion in the first 11 months of fiscal year 2018, an increase of $222 billion from the previous year, primarily due to the budget-busting #GOPTaxScam and reckless spending https://t.co/rAxPtM6AIE
— Democratic Coalition (@TheDemCoalition) September 11, 2018
Reminder: Tax cuts for the rich don't pay for themselves. https://t.co/SiSi2H3Vru
— Robert Reich (@RBReich) September 11, 2018