U.S. budget deficit up 25.1% in first 2 months of budget year
The Treasury Department reported Thursday that with two months gone in the budget year, the deficit totaled $429.3 billion, up from $343.3 billion in last year's October-November period.
U.S. budget deficit climbs to record $2.81 trillion
U.S. budget deficit climbed to $2.81 trillion in the first 10 months of the budget year. That exceeds any on record, and it's expected to eventually reach levels more than double the nation's largest recorded annual deficit.
U.S. on track for first $1 trillion budget deficit since 2012
The U.S. budget deficit through the first four months of this budget year is up 19% from the same period a year ago.
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Jerome Powell is one of the few leading public figures urging Congress to reduce the federal government’s annual deficit, which is nearing $1 trillion.
The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record.
The surge reflected such factors as revenue lost from the 2017 Trump tax cut and a budget deal that added billions in spending for military and domestic programs.
The Congressional Budget Office says the U.S. deficit is reaching its highest levels since the end of World War II, when considered as a share of the total economy. In the next decade, it's projected to grow by $800 billion…
The first projections are the first to take into account the big budget deal that President Donald Trump and Congress reached this summer.
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