Trump’s First Annual Budget Deficit Rises to a Six-Year High

U.S. Government Deficit Grew 17% in Fiscal 2018

Annual US budget deficit hits $779 bn, highest since 2012 –US Treasury

The federal deficit rose 17% in 2018, to $779 billion - the highest since 2012, thanks to a bigger military budget, rising interest costs, and a giant tax cut. Here's another record for his administration: The 2018 federal deficit hit the highest level of the last six years.

The Treasury Department said Monday the deficit climbed $113 billion from fiscal 2017.

"President Trump and this administration will continue to work with Congress to make the hard choices needed to bring fiscal restraint", Mulvaney said in a statement. Debt would likely worsen in the coming years with the Trump administration expecting the deficit to top US$1 trillion in 2019, almost matching the US$1.1 trillion imbalance from 2012.

President Donald Trump hails the tax cuts as a boon to the economy, but corporate tax receipts dropped sharply and America's growing debt burden to finance the deficit became increasingly costly, the Treasury Department said.

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Republican tax cuts, increased federal spending and an aging population have contributed to the fiscal strains, though the GOP says tax reform enacted this year will spur economic growth and lift government revenue. Tax revenues were essentially flat in fiscal 2018, while spending increased 3.2 percent as Congress gave more funds for military and domestic programs.

The Trump administration in July sharply revised higher its deficit estimates for coming years when it released its mid-session budget review.

Budget deficits occur when the federal government spends more than it earns. According to Stan Collender, one of the leading experts on federal spending, the Trump administration may be responsible. In March, Trump signed a $1.3 trillion spending bill into law.

Corporate tax collections in the USA fell 22 percent, or $76 billion, in the fiscal year, which ended September 30.

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Experts have urged the Republican Congress to take care in reining back spending to help balance any lingering revenue loss from last year's tax cuts.

According to the Congressional Budget Office, deficits should continue to "grow substantially over the next several years, stabilize for a few years, and then grow again over the rest of the 30-year period".

Mick Mulvaney, the government's budget director, said the country's "booming economy will create increased government revenues - an important step toward long-term fiscal sustainability".

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