NEW: U.S. government's budget deficit rises to $867 billion during the first 10 months of this budget year, as spending grew more than twice as fast as tax collections.
The U.S. 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% from the same period a year earlier. Spending rose 8% to $3.73 trillion, and tax revenue rose 3% 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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The US budget deficit is up 27% and getting closer to $1 trillionThe increase comes a little over a year and a half after the Trump administration ushered through a $1.5 trillion tax cuts that the White House has vowed would pay for itself.
Read more »
China responds to US after Treasury designates Beijing a 'currency manipulator'The response from the People's Bank of China comes at a time of rapidly intensifying tensions between the world's two largest economies.
Read more »
Wall Street analysts worry these stocks are caught in the deepening US-China trade warCNBC combed through Wall Street research to see which stocks would be hurt most by the ongoing US-China trade war.
Read more »
Between gun massacres, a routine, deadly seven days of U.S. shootingsA boy accidentally killed by his father during a fishing trip in Montana. A woma...
Read more »
The best and worst US airportsAfter examining the key factors like amenities, commute time and on-time arrivals and departures of the 50 busiest airports in the U.S., travel website The Points Guy reveals its list of best and worst airports for 2019.
Read more »