The US Budget Deficit Has Already Eclipsed Last Year's Record Total
According to The Hill, the U.S. budget deficit for 2019 has already eclipsed the record total for the entire year last year. The deficit reached $866.8 billion in this fiscal year, which has only lasted 10 months. Last year, the deficit was $779 billion, meaning the total this year is up 27% from last year.
Although revenue increased 3% in the fiscal year, spending skyrocketed 8%. During this period, Trump’s tariffs from his trade war with China have led to customs duties to be almost doubled to $57 billion.
According to the Congressional Budget Office, the budget deficit predicted to continue escalating. By 2022 it is set to exceed $1 trillion.
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