The US Just Posted Its Biggest One-Month Deficit In Its Entire History
Business Insider reports that the U.S. has just posted the biggest one-month deficit in history. The budget deficit for February was $234 billion, topping the previous high of $231.7 billion from 2012. The deficit has been driven higher by new laws, such as Trump’s Tax Cuts and Jobs Act.
The TJCA has depleted the treasury, causing revenues to fall precipitously. If another national emergency like 9/11 arises, the U.S. will have much fewer resources to draw upon.
The deficit is also rising due to the bipartisan budget compromise in 2018. Spending in the beginning of the fiscal year 2019 was up 9% compared to the last fiscal year.
For the full year of 2018, the deficit hit $779 billion, the highest it has gone since 2012. The Congressional Budget Office and the president predict that the deficit will reach $1 trillion by 2022.
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