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Sunday, July 14th, 2019

US budget deficit jumps 23.1% over last year as debt crisis looms

Author:     Donna Borak
Source:     CNN
Publication Date:     6:49 PM ET, Fri July 12, 2019
 Link: US budget deficit jumps 23.1% over last year as debt crisis looms
Stephan:   Everyone who actually studies economics without a political agenda knows that the rising deficit in the U.S. is a sign of an impending crisis. But no one is talking about it, because they all have personal agendas, personal greed that takes precedence over the country's interests. Let's look at some actual facts. Trumpian economics, like Trumpian governance is incompetent and based on the wrong priorities, and the Democrats are spineless.

Credit: 401kcalculator.org

WASHINGTON, D.C. — The US budget deficit jumped 23.1% in the first nine months of the fiscal year compared with the same period a year ago, according to the US Treasury.

The deficit widened to $747.1 billion, versus $607 billion last year, from October through June. Federal spending rose to $3.36 trillion in that period, while revenue increased to $2.61 trillion — both records.
The numbers, released Thursday in a monthly report from the Treasury, paint a darkening picture for the US budget as the federal government runs short on credit.
The US has not had borrowing power since March, when the congressionally mandated debt ceiling kicked in, and independent analysts suggest the government could run out of money by September unless Congress can agree to allow additional borrowing.
A number of factors are driving the deficit increase, including the $1.5 trillion tax cuts signed by President Donald Trump in 2017 along with a massive spending package.
The Trump […]

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