May Deficit Surges To $208 billion, 42% Higher Than Last Year Under Trump

Charlotte Cuthbertson/The Epoch Times/CC BY 2.0

The federal deficit is increasing year over year, reaching heights not seen since the bank bailouts of the late 2000s.

The federal deficit for May 2019 has reached $208 billion, an increase of 42 percent from last May’s monthly deficit, according to The Hill.

The total deficit for the federal government for 2019 is at $739 billion dollars. The deficit from 8 months in 2019 almost equals $779 billion, the total deficit spent in 2018. The Treasury estimates that the total deficit for 2019 will be over $1 trillion.

The Federal deficit has been increasing year over year and has not been so high since the bank bailouts of the late 2000s caused massive government spending. The deficit has risen in part due to the 2017 tax act that cut taxes, but added an estimated $1.9 trillion to U.S. debt.

The tariff wars have increased customs duties income by $20 billion and spending has risen $250 billion in comparison to last year’s same period. Social Security, health, and defense spending are the largest categories increasing the deficit.

Read the full story here

Comments