US budget deficit on track to hit $1 trillion for first time since 2012

(Worthy News) – The US budget deficit swelled at the beginning of 2020 even as the economy continued to grow at a steady pace.

The gap between what the government spent and collected rose 25% to $389 billion in the first four months of the fiscal 2020 year, the Treasury Department said in its monthly budget statement Wednesday. Some February payments fell on a non-business day, pushing the $33 billion deficit wider in January.

A historically low unemployment rate has helped push up tax receipts in recent months, but the government has steadily increased expenditures on healthcare and the military. Unadjusted receipts last month rose 10% to $372 billion, while unadjusted outlays were up 22% to $405 billion. [ Source: Business Insider (Read More…) ]