The US budget deficit soared due to a drop in tax revenues and increased spending. Trump's tax law and the bipartisan budget deal drove the jump.
The US federal deficit hit $310 billion in the first four months of the 2019 fiscal year, the Treasury Department reported Tuesday.The increase was driven by a 2% drop in tax revenue and a 9% increase in spending.According to a report from the Treasury Department released Tuesday, the budget deficit — that is the difference between what the federal government takes in and what it spends — hit $310 billion in the first four months of fiscal year 2019.
The US national debt just pushed past $22 trillion — here's how Trump's $2 trillion in debt compares with Obama, Bush, and Clinton The Republican tax-reform law, named the Tax Cuts and Jobs Act, had a dramatic effect on the amount of money coming into the Treasury's coffers. Corporate tax revenues declined drastically, down just over 20% compared to the first four months of fiscal year 2018. The drop in personal income taxes was less drastic, falling around 5% compared to the same period last year.
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