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U.S. expects to hit $1 trillion deficit earlier than planned (by the end of this fiscal year) #MAGA
U.S. expects to hit $1 trillion deficit earlier than planned
https://images.axios.com/y7ilu4ULXH259Qqzgmn0xQZtPlk=/0x177:3000x1865/1920x1080/2018/09/11/1536685421751.jpg
https://www.axios.com/deficit-grows-222-billion-tax-laws-debt-us-trump-de9f61f5-5d8e-437b-ad36-bd7640349059.html
The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.
Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.
https://images.axios.com/y7ilu4ULXH259Qqzgmn0xQZtPlk=/0x177:3000x1865/1920x1080/2018/09/11/1536685421751.jpg
https://www.axios.com/deficit-grows-222-billion-tax-laws-debt-us-trump-de9f61f5-5d8e-437b-ad36-bd7640349059.html
The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.
Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.
