U.S. budget deficit skyrockets by 77% at start of fiscal '19
"It's big tax cuts combined with big increases in spending when they already had big deficits," said former Senate Budget Committee Chairman Kent Conrad, D-N.D. "So guess what, it's craziness."
WASHINGTON -- The federal budget deficit ballooned rapidly in the first four months of the fiscal year as tax revenue fell and spending rose, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress as they prepare for a number of budget battles.
The deficit grew 77 percent in the first four months of fiscal 2019 compared with the same period a year before, the Treasury Department said.
The total deficit for the four-month period was $310 billion, the department said, up from $176 billion for the same period a year earlier.
https://www.arkansasonline.com/news/2019/mar/06/u-s-budget-deficit-skyrockets-by-77-at-/
"It's big tax cuts combined with big increases in spending when they already had big deficits," said former Senate Budget Committee Chairman Kent Conrad, D-N.D. "So guess what, it's craziness."
WASHINGTON -- The federal budget deficit ballooned rapidly in the first four months of the fiscal year as tax revenue fell and spending rose, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress as they prepare for a number of budget battles.
The deficit grew 77 percent in the first four months of fiscal 2019 compared with the same period a year before, the Treasury Department said.
The total deficit for the four-month period was $310 billion, the department said, up from $176 billion for the same period a year earlier.
https://www.arkansasonline.com/news/2019/mar/06/u-s-budget-deficit-skyrockets-by-77-at-/
