71.4 F
Fort Worth
Wednesday, October 21, 2020
Government US budget deficit running 11.8% higher this year

US budget deficit running 11.8% higher this year

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years.

In its monthly budget report, the Treasury Department said Monday that the deficit from October through December totaled $356.6 billion, up from $318.9 billion for the same period last year.

Both government spending and revenues set records for the first three months of this budget year but spending rose at a faster clip than tax collections, pushing the deficit total up.

The Congressional Budget Office is projecting that the deficit for the current 2020 budget year will hit $1 trillion and will remain over $1 trillion for the next decade. The country has not experienced $1 trillion annual deficits since the period from 2009 through 2012 following the 2008 financial crisis.

The actual deficit for the 2019 budget year, which ended Sept. 30, was $984.4 billion, up 26% from the 2018 imbalance, reflecting the impact of the $1.5 trillion tax cut President Donald Trump pushed through Congress in 2017 and increased spending for military and domestic programs that Trump accepted as part of a budget deal with Democrats.

The projections of trillion-dollar deficits are in contrast to Trump’s campaign promise in 2016 that even with his proposed tax cuts, he would be able to eliminate future deficits with cuts in spending and growth in revenues that would result from a stronger economy.

For the first three months of the 2020 budget year, revenues have totaled $806.5 billion, up 4.8% from the same three months a year ago, while government spending has totaled $948.9 billion, an increase of 6.3% from a year ago.

Both the spending amounts and revenue amounts are records for the first three months of a budget year. The deficit in December totaled $13.3 billion, slightly lower than the $13.5 billion deficit in December 2018.

___

Latest News

5 takeaways from the government’s lawsuit against Google

By The Associated Press WASHINGTON (AP) — The Justice Department's lawsuit against Google alleging antitrust violations marks the government's most significant attempt...

McConnell warns White House against COVID relief deal

lBy ANDREW TAYLOR Associated PressWASHINGTON (AP) — Washington negotiations on a huge COVID-19 relief bill took a modest step forward on Tuesday,...

City of Arlington Announces five finalists for police chief

The City of Arlington has named five finalists in its search for a new police chief in a search that began June...

National Democratic super PAC says it will double its spending to $12 million in battle for the Texas House

By Patrick Svitek, The Texas Tribune Oct. 20, 2020 "National Democratic super PAC says...

Texas joins Trump administration’s lawsuit against Google, arguing the tech company has a monopoly

By Stacy Fernández, The Texas Tribune Oct. 20, 2020 "Texas joins Trump administration's lawsuit...