Federal Budget Deficit Topped $1 Trillion In August
For the first time in seven years, the federal budget deficit surpassed the $1 trillion mark in August, the Treasury Department reported last month.
According to Yahoo Finance, the August deficit reached $1.067 trillion, constituting a 19 percent rise over the same period last year.
Payments for “Military active duty and retirement, Veteran’s benefits, Supplemental Security Income, and Medicare payments to Health Maintenance Organizations and prescription drug plans accelerated into August,” the Treasury said, because September 1 fell on the weekend this year.
The national debt has risen 13 percent since President Donald Trump took office, Yahoo Finance noted, currently standing at $22.5 trillion.
Trump’s tax cuts, combined with increased spending, have done a number on the federal deficit.
“It’s big tax cuts combined with big increases in spending when they already had big deficits,” former Senate Budget Committee chairman Kent Conrad (D-N.D.) told The Washington Post earlier this year. “So guess what, it’s craziness!”