U.S. Posts Largest-Ever Monthly Budget Deficit in February
By Katia Dmitrieva , Laura Davison , and Saleha Mohsin
March 22, 2019, 2:00 PM EDT Updated on March 22, 2019, 4:04 PM EDT
Shortfall rises 40% to $544b in first 5 months of fiscal year
Corporate, income taxes decline as tariff revenue climbs
The U.S. posted its biggest monthly budget deficit on record last month, amid a 20 percent drop in corporate tax revenue and a boost in spending so far this fiscal year.
The budget gap widened to $234 billion in February, compared with a fiscal gap of $215.2 billion a year earlier. That gap surpassed the previous monthly record of $231.7 billion set seven years ago, according to data compiled by Bloomberg.
...
Receipts dipped less than 1 percent to $1.3 trillion in the October-February period from the previous year, while spending accelerated 9 percent to $1.8 trillion.
The fiscal shortfall is widening following President Donald Trump’s $1.5 trillion tax-cuts package that’s weighing on receipts and raising concerns about the national debt load, which topped a record $22 trillion last month.
more:
http://www.bloomberg.com/news/articles/2019-03-22/u-s-posts-largest-monthly-budget-deficit-on-record-in-february?srnd=premium
DO SOMETHING!
| 