California Gov. Gavin Newsom is seeking ways to close a $23 billion deficit while Texas Gov. Greg Abbott is looking to spend a $33 billion surplus. These numbers are likely to be used in political discussions between blue and red states, but it is important to note that every state...
US Budget Deficit up 25.1% in First 2 Months of Budget Year
WASHINGTON — The U.S. government's deficit in the first two months of the budget year ran 25.1% higher than the same period a year ago as spending to deal with the COVID pandemic soared while tax revenues fell. The Treasury Department reported Thursday that with two months gone in the...
US Trade Deficit Surges in July To Highest in 12 Years
WASHINGTON — The U.S. trade deficit surged in July to $63.6 billion, the highest level in 12 years, as imports jumped by a record amount. The Commerce Department reported that the July deficit, the gap between what America buys and what it sells to foreigners, was 18.9% higher than the...
US Budget Deficit Running 11.8% Higher This Year
The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years. In its monthly budget report, the Treasury Department said Monday that the...
US Budget Deficit Surges to $134.5 Billion in October
WASHINGTON — The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record. The Treasury Department said Wednesday that the deficit last...
Can You Believe It? National Debt Now $22 Trillion.
WASHINGTON — The national debt has passed a milestone, topping $22 trillion for the first time. The Treasury Department's daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Donald Trump took office on Jan. 20, 2017. The debt figure...
With Deficit Ballooning, Trump Wants More Tax Cuts
The Congressional Budget Office and other nonpartisan analyses project that President Donald Trump's tax cuts passed in December will add more than $1 trillion to the deficit over the next decade. For those keeping track at home, fortune.com reports that the U.S. deficit — relative to the economy’s size — is...