The U.S. budget deficit has already surpassed last year’s total figure, growing to $866.8 billion in just the first 10 months of the fiscal year, according to Treasury Department data reported by Bloomberg.
By the numbers: The deficit is up 27% from the same period last fiscal year, which begins in October. Spending has continued to outpace revenue, with a 3% rise of revenue overshadowed by an 8% jump in spending.
Business Insider reports:
Policymakers have a greater opportunity to reduce the deficit when the economy is solid, but recent legislation has taken it in the opposite direction.
Trump signed into law this month a two-year agreement that would lift the debt ceiling and increase spending by about approximately $320 billion. According to estimates from the nonpartisan Committee for a Responsible Budget, that could amount to a $1.7 trillion increase in projected debt levels over the next decade.
The U.S. budget deficit grew to $866.8 billion in the first 10 months of the new fiscal year, a 27% increase from the same period one year earlier.https://t.co/Jr9uXz43Mr
— Sahil Kapur (@sahilkapur) August 12, 2019