Budget Deficit Shoots Past $1 Trillion for Fiscal 2019

Budget Deficit Shoots Past $1 Trillion for Fiscal 2019

The federal government continues to spend money at an insane rate and is running up budget deficits reminiscent of the Great Recession era. With one month left to go, the federal budget deficit for fiscal year 2019 eclipsed $1 trillion in August, according to Treasury Department data released last Thursday . The budget shortfall for the month of August came in at $200.3 billion. Last month, Uncle Sam spent $428.3 billion and took in $228 billion in revenue. The pundits in the mainstream media tend to focus on the Trump tax cuts as the cause for the surging deficits, but revenues are actually up. Spending is the real culprit. For the fiscal year (beginning Oct. 1), the Trump administration has spent $4.16 trillion. That’s up 7% over last year. Uncle Sam has already spent more this year than it did in the totality of FY 2018. As Peter Schiff put it in a tweet last month, we’re seeing the most incredible growth in peacetime government spending ever. Revenue for 2019 is up about 3% with a big boost coming from the Trump administration’s tariffs on Chinese imports. The 2019 budget deficit now stands at about $1.07 trillion. That’s a 19% increase in the budget gap since Oct. 1. The last time the federal government ran a $1 trillion-plus deficit was in 2012 as the US economy struggled to come out of the Great Recession. The Obama administration ran four consecutive trillion-plus dollar deficits between 2009 and 2012. Officials say […]

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