U.S. EXPECTS TO HIT $1 TRILLION DEFICIT EARLIER THAN PLANNED

September 12, 2018 in News by Slad

 

via: BLACKLISTED NEWS

 

SOURCE: AXIOS.COM

Until debt tear us apart by Alice Pasqual on Unsplash

The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress’ routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.

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