US budget deficit grows 27% through July

FILE - This July 16, 2019, file photo shows the Capitol Dome in Washington. On Monday, Aug. 12, the Treasury Department releases federal budget data for July. (AP Photo/Carolyn Kaster, File)

WASHINGTON — The U.S. government's budget deficit rose by $183 billion to $867 billion during the first 10 months of this budget year as spending grew more than twice as fast as tax collections.

The Treasury Department say the deficit for the current fiscal year through July is up 27% from the same period a year earlier. Spending rose 8% to $3.73 trillion, and tax revenue rose 3% to $2.86 trillion.

President Donald Trump's $1.5 trillion tax cut and new spending agreed to last year have swelled the gap between what the federal government spends and what it takes in.

The Congressional Budget Office expects the deficit to begin exceeding $1 trillion a year in 2022.

Must Read

Sept. 11 memorial motorcycle ride ending on a...

Aug 10, 2016

Leaders of a massive, annual motorcycle procession to the three Sept. 11 crash sites say this...

Giant T (for Trump) replaces one that was torched...

Aug 11, 2016

A huge red-white-and-blue letter T in tribute to Republican presidential nominee Donald Trump has...

Experts: 2 killings by police were tragic, likely...

Aug 11, 2016

Two fatal police shootings in the Los Angeles area began the same way: officers thinking a suspect...

Teenager who scaled Trump Tower had past problems...

Aug 11, 2016

A Virginia teenager who climbed partway up Trump Tower in New York City had a history of problems...

Shifting tone, Trump entertains the notion he...

Aug 12, 2016

Straying from his trademark bravado, Donald Trump is acknowledging that his presidential campaign...

Sign up now!

About Us

In The Headline sought to bring professionalism back into journalism, bringing you only the most exclusive and the most impactive news from all over the globe.

Contact us: sales[at]intheheadline.com