Trump’s First Annual Budget Deficit Rises to a Six-Year High

Trump’s First Annual Budget Deficit Rises to a Six-Year High

The U.S. government's budget deficit hit $779 billion in the fiscal year that ended September 30, while spending increased and tax revenues remained almost flat, the Treasury said Monday. In fiscal year 2018, which ended on September 30, overall spending increased by 3%, or $127 billion. The statement from Treasury Secretary Steven Mnuchin showed the 2018 deficit amounted to 3.9 percent of the country's more than $18 trillion annual economy, up from 3.5 percent previous year.

The total federal debt - which combines annual deficits - was 78 percent of the nation's entire gross domestic product in June.

Why are budget deficits rising?

The only other period when the federal government has run deficits above $1 trillion was for four years from 2009 through 2011.

"Going forward, President Trump and this administration will continue to work with Congress to make the hard choices needed to bring fiscal restraint, which, when matched with increasing revenue, will reduce our deficit", he said.

Watch Terence Crawford vs Jose Benavidez Jr LIVE on ESPN
It was another day at the office for Terence Crawford , who returned to his home in Omaha, Nebraska for another world title defense.

First child in Florida has died of flu this season, state reports
State officials said those outbreaks did not cause the child's death. 28 percent of parents believe flu vaccines can cause autism. They say getting a flu shot is the best way to prevent from getting sick, and passing it along to others.

President Donald Trump Calls Elizabeth Warren a 'Phony' Over DNA Test Results
Warren's claimed heritage has stirred controversy throughout her political career, dating to when she was a professor at Harvard. Trump, who belittles Warren by calling her "Pocahontas", seized on the conclusion in a series of tweets early Tuesday.

The budget deficit has continued to climb in recent years, raising concerns the country's debt load of more than $21.5 trillion will grow out of control. Typically, strong economic growth translates into lower deficits as the government collects more from taxpayers.

Economic boom times are expected to be paired with low deficits, as economic growth leads to higher tax revenues and household incomes. The CBO said that this deficit increase "would arise because spending would grow steadily under current law, and revenues would not keep pace with that spending growth". At the time, the administration had projected that the budget deficit would hit $890 billion.

"By cutting taxes in 2017 when the economy was already quite strong, Congress and the administration not only missed a golden opportunity to begin to address the fiscal problem, they actually made the problem worse", he said.

"America's booming economy will create increased government revenues - an important step toward long-term fiscal sustainability", Office of Management and Budget Director Mick Mulvaney said in a statement accompanying the data.

"President Trump prioritized making a significant investment in America's military after years of reductions in military spending undermined our preparedness and national security", Mnuchin said. More importantly, most estimates suggest that the deficit will worsen as spending on Social Security, Medicare and other programs increase with the aging baby boomer population.

Related News:

  • Chris Evans Slams Piers Morgan for Criticizing Daniel Craig

    Chris Evans Slams Piers Morgan for Criticizing Daniel Craig

    One tweet urged Morgan to return, for the good of society, back to "1888 where your thoughts on masculinity were formed ". As of Tuesday morning, Trump had not yet taken the bait. " James Bond would never use a papoose to carry his babies".
    Yastremska wins maiden WTA Title In Hong Kong

    Yastremska wins maiden WTA Title In Hong Kong

    Zhang will next play 18-year-old Ukrainian Dayana Yastremska , who got past Slovakia's Kristina Kucova 7-6 (8-6) 6-2. Yastremska rebounded from a break down in both sets to come through against Zhang.
    Nicole Kidman: Marriage to Tom Cruise sheltered me from harassment

    Nicole Kidman: Marriage to Tom Cruise sheltered me from harassment

    Kidman is now working on Charles Randolph's forthcoming true life drama about scumbag incarnate Fox News chief Roger Ailes. I would work, but I was still very much cocooned'.
  • Republic of Ireland v Wales

    Republic of Ireland v Wales

    Wales will be without their talisman Gareth Bale , so we can be slightly more confident going into the game. Not only is relegation/promotion at stake, but also seeding for the upcoming Euro 2020 qualification draw.
    China detains internet star for ‘disrespecting’ national anthem in 10-second segment

    China detains internet star for ‘disrespecting’ national anthem in 10-second segment

    Yang apologized last week in a Weibo post , vowing to stop live streaming, to conduct "self-rectification" and "seriously watch patriotic publicity films".
    Columbus man, 23, accused of molesting 12-year-old girl

    Columbus man, 23, accused of molesting 12-year-old girl

    Later that day, the child told her mother Crawford forced her to perform oral sex on him and then raped her, the detective said. Crawford's wife, who was not named, allegedly woke up around 5 a.m. on Saturday and saw her husband with an erection.
  • Grimm Spinoff In Development at NBC

    Grimm Spinoff In Development at NBC

    Grimm co-creators/showrunners David Greenwalt and Jim Kouf will also help out with the series, both as consulting producers. Glenn recently worked as writer/supervising producer on the Netflix/Marvel series Iron Fist .
    Syrian jihadists vow to keep fighting as deadline looms

    Syrian jihadists vow to keep fighting as deadline looms

    The lion's share of Idlib is held by HTS, as well as more hardline jihadists like Hurras al-Deen and Ansar al-Islam. Observers have said that getting it to execute the deal's second half would be much more challenging.
    Pippa Middleton Welcomes Her First Baby with Husband James Matthews

    Pippa Middleton Welcomes Her First Baby with Husband James Matthews

    She has never disclosed the due date, however many media outlets predicted she would likely give birth this month. Pippa Middleton has welcomed her first child with husband James Matthews , according to People .
  • Audi settles diesel probe for €800m, 'admits responsibility'

    Audi settles diesel probe for €800m, 'admits responsibility'

    Volkswagen has paid more than $US30 billion ($42 billion) in fines, settlements and recall costs since the scandal broke. The company has accepted the fine and will not lodge an appeal against it, thus admitting its responsibility.
    How Cooper changed Lady Gaga's life

    How Cooper changed Lady Gaga's life

    The film's trailer has teased the moment Ally first sings in front of a large audience, but it remains impactful in the theatre. It begins with veteran musician Jackson Maine discovering Ally, a struggling lounge singer in a drag bar.
    President Trump campaigns for GOP Congressman in Ky. race

    President Trump campaigns for GOP Congressman in Ky. race

    Enthusiastic McGrath supporter Sandra Krajewski said she is hopeful for a change in the U.S. On the inside of Alumni Coliseum, there was a concert-like anticipation setting in.


Most liked

Lady Gaga Is Engaged!
While her speech was truly extraordinary, fashion was on the minds of a lot of people . One source said, "Christian is a good, grounding force and understands her career".

Hate crimes: Rise in offences linked to religious beliefs
Hate crimes against gay and bisexual people in the United Kingdom have rocketed by double-digit figures, new statistics show. The Crown Prosecution Service said the conviction rate in hate crime cases was 84.7%, up from 83.4% the previous year.

Oil prices dip amid expectations of higher USA inventories
Khalid al-Falih, the energy minister of the kingdom, said it will continue to be responsible and help keep oil markets stable. Saudi Aramco has an initial pact to take a 25 percent stake in the planned 1.2 million bpd West Coast refinery.

American pilot dies in Ukrainian Air Force fighter jet crash
Defense officials in Europe were unable to tell Task & Purpose on Tuesday whether the American pilot was alive. The two pilots, the other of whom was Ukrainian, were the only people on board.

Missing Wisconsin teen possibly spotted in Miami
The Barron County Sheriff's Department identified the deceased individuals as James Closs , 56, and Denise Closs, 46. Fitzgerald said gunshots had been fired at the home, but would not yet confirm whether the couple had been shot.

Singapore Airlines launches Airbus A350-900ULR service
Beginning March 31, 2019 United will offer three flights daily between Manchester-Boston Regional Airport and Washington Dulles. The airline now offers three 50-seat flights from Manchester to Newark .

Aspiring Model Fatally Shot While Driving to Work
There's a Gofundme account set up to help Kelsey's family bring her back home to the inland empire and help with funeral costs. Authorities are now hoping this CCTV will help solve what happened to Ms Quayle. "She was the sweetest person.

No Messi but Argentina 'have to' beat Brazil
He further added, talking about the future for the Albiceleste, "We are trying to create something for the future for Argentina ". Yet Argentina couldn't hold on for a draw , with Miranda popping up to make it four wins from four since Brazil's World Cup exit.

Department of Public Health confirms case of polio-like disease in MA
Health officials said five kids in Maryland are believed to have contracted a virus this fall that has symptoms similar to polio . Health experts say the disease can lead to paralysis and even death, but no deaths have been reported so far this year.

French wine fetches record-breaking $558,000 at auction
This record was held by a 375 six-liter bottle of Cheval-Blanc 1947, which sold in Geneva in 2010 for $304,375. However, it was well short of the world record £848,750 for a bottle of...

Google to charge smartphone makers for Google Play in Europe
Also , the "base package" of the Play Store and Google's other apps (Gmail, Duo, etc) will now require a licensing fee . Today Google has outlined how it will respond to the European ruling, in addition to appealing against it.

Amazon's all-new, waterproof Kindle Paperwhite
Well Amazon claims to have designed the new Paperwhite "from the bottom up", which means we have a sightly different design. Further, it's now possible to save multiple reading settings, including font, boldness level, display orientation and more.

Jimmy Bullard’s Passionate Commentary On Raheem Sterling’s England Opener Is Simply Superb
It's a shame we didn't get the second goal earlier because I'm sure the supporters would have scored the third. You run the risk of the losing ball, but when we got out we were a huge threat on the counter-attack.

'March of the Migrants' draws over 1000 Hondurans to U.S. border
Pence addressed the three leaders on Thursday in Washington, at the Conference for Prosperity and Security in Central America. It was not clear how Honduras would be able to exercise control over people who had already left the country.

Project Dragonfly - what Google would look like in China
Google found that Chinese government censors would block less than 1 per cent of users' searches, CNN quoted Pichai as saying. Google had launched a search engine in China in 2006 but pulled the plug in 2010. "So that's what we built internally".