February's federal budget deficit was the largest on record, according tofigures released by the Treasury Department on Friday
February’s federal budget deficit was the largest on record, according to figures released by the Treasury Department on Friday. President Donald Trump promised during his campaign that he would balance the budget in eight years.
The deficits under @BarackObama are the highest in America's history. Why is he bankrupting our country? — Donald J. Trump December 19, 2011 The massive shortfall is being attributed to a 20 percent drop in corporate revenue and increased federal spending. The Trump administration slashed corporate taxes in his new 2017 tax law from 35 percent to 21 percent. Trump’s tax-cut package cost the government $1.5 trillion.
The deficit for the first five months of the federal fiscal year is $544.2 billion, up nearly 40 percent from the same period the previous year, according to Treasury figures.
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