Under Trump, The Budget Deficit Has Ballooned To Nearly $800Bn

U.S. Air Force photo by Senior Airman Kimberly Nagle

In fiscal 2018, the federal deficit expanded to $779 billion—$113 billion more than the previous year.

With the conclusion of his first full fiscal year, President Donald Trump has produced the largest federal budget deficit in six years, Politico reported Monday.

> The U.S. deficit widened in fiscal 2018 to $779 billion, which is $113 billion more than the previous year, according to the Treasury’s widely anticipated yearly report.

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> Budget chief Mick Mulvaney, the White House’s best known deficit hawk, blamed the rising tide of red ink on Congress’ appetite for more spending this year — but he ignored the costly package of tax breaks that passed exclusively with Republican votes this year.

In the end, Mulvaney is unconcerned, arguing without evidence that the supercharged economy will generate enough revenue to compensate.

> “The president is very much aware of the realities presented by our national debt,” Mulvaney said, pointing fingers at Congress’ “continual unwillingness to restrain spending,” including lawmakers’ rejection of the administration's first major attempt at spending cuts this summer.

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> “America’s booming economy will create increased government revenues — an important step toward long-term fiscal sustainability. But this fiscal picture is a blunt warning to Congress of the dire consequences of irresponsible and unnecessary spending,” Mulvaney said.

More here.

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