TV News LIES

Tuesday, Nov 19th

Last update05:20:13 AM GMT

You are here News Economy Federal deficit soars 32 percent to $895B

Federal deficit soars 32 percent to $895B

E-mail Print PDF

ocbThe federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).

The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.

Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.

More...

.


Most Recent Related Stories...


Trump can no longer impose 'Section 232' auto tariffs after missing deadline: experts

Auto tariffs can longer can be imposed The U.S. administration may have to find other means if Trump wants to tax European or...

Wall Street tumbles as trade war threatens U.S. economy

Wall Street tumbles amid trade warWall Street’s main indexes suffered their sharpest one-day declines in nearly six weeks on Wednesday after...

2019 deficit nears $1 trillion, highest since 2012: Treasury

Deficit nears $1 trillion The federal deficit for fiscal 2019 reached close to $1 trillion for the first time since 2012,...

Most Americans are living paycheck to paycheck, survey shows

Living paycheck to paycheck When you have a seemingly endless list of bills to pay and financial responsibilities to take...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!