Federal budget deficit leaps 77 percent so far for fiscal 2019 – CBS News
The federal government recorded a budget surplus in January. But so far for this fiscal year starting Oct. 1, the total deficit is 77 percent higher than it was for the same period a year ago.
The Treasury Department said Tuesday the deficit for the first four months of fiscal 2019 totaled $310.3 billion. That’s up from $175.7 billion in the same period a year ago — and that includes the January surplus of $8.7 billion.
The higher deficit reflected greater spending in areas such as Social Security, defense and interest payments on the national debt. Meanwhile, the government collected less in taxes from individuals and corporations, reflecting the impact of the $1.5 trillion tax cut President Donald Trump pushed through Congress in late 2017.