Trump's economy..
as usual their promise that tax cuts will fuel the economy, proves to merely fuel the deficit & the wealthy...
The federal deficit ballooned at start of new fiscal year, up 77 percent from a year before
By Damian Paletta March 5 at 6:51 PM
The federal budget deficit ballooned rapidly in the first four months of the fiscal year amid falling tax revenue and higher spending, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress as they prepare for a number of budget battles.
The deficit grew 77 percent in the first four months of fiscal 2019 compared with the same period one year before, Treasury said.
The total deficit for the four-month period was $310 billion, Treasury said, up from $176 billion for the same period one year earlier.
“It’s big tax cuts combined with big increases in spending when they already had big deficits,” said former Senate Budget Committee chairman Kent Conrad (D-N.D.). “So guess what, it’s craziness!”
When Republicans seized control of the House of Representatives during the Obama administration, lawmakers and White House officials embarked on a number of strained negotiations to try to reduce the gap between spending and tax revenue. During the Trump administration, there have not been any similar discussions, and President Trump has largely enacted an agenda of tax cuts and spending increases that had grown the deficit markedly.
more:
http://www.washingtonpost.com/business/economy/the-federal-deficit-ballooned-at-start-of-new-fiscal-year-up-77-percent-from-a-year-before/2019/03/05/ff8d31f6-3f75-11e9-9361-301ffb5bd5e6_story.html?utm_term=.f86ec7110361
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