US budget deficit grows 27 percent through July

US budget deficit grows 27 percent through July

The US government’s budget deficit rose by $183 billion to $867 billion during the first 10 months of this budget year as spending grew more than twice as fast as tax collections.

The Treasury Department say the deficit for the current fiscal year through July is up 27 percent from the same period a year earlier. Spending rose eight percent to $3.73 trillion, and tax revenue rose three percent to $2.86 trillion.

President Donald Trump’s $1.5 trillion tax cut and new spending agreed to last year have swelled the gap between what the federal government spends and what it takes in.

The Congressional Budget Office expects the deficit to begin exceeding $1 trillion a year in 2022.

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