U.S. Budget Deficit Swells to $898 Billion, Topping Forecast – Bloomberg
The U.S. budget deficit widened to $898 billion in the 11 months through August, exceeding the Congressional Budget Office’s forecast for the first full fiscal year under the Trump presidency.
The budget deficit rose by a third in the October to August period from $674 billion in the same timeframe a year earlier, the Treasury Department said in a statement on Thursday. Spending rose by 7 percent to $3.88 trillion, outpacing revenue gains of 1 percent to $2.99 trillion. Revenue from corporations fell to $163 billion, down by $71 billion from a year ago.
The U.S. fiscal gap has continued to balloon under President Donald Trump, raising concerns the country’s debt load, now at $21.5 trillion, is growing out of control. A combination of Republican tax cuts enacted this year — that will add up to about $1.5 trillion over a decade — and increased government spending are adding to budget strains.
Remember when Trump promised to balance the budget in ONE YEAR?
Guess what happens why you give huge tax cuts to corporations and the 1 percent? HUGE INCREASES IN THE DEBT LOAD.
Now add an increase in the interest rates on US bonds, and the amount paid to repay that debt increases by HUGE amounts over time, getting worse and worse. This forces cuts in social programs as the debt eats up more and more of the little revenue coming in.
Buckle up snowflakes.. This is going to be a wild ride.