A new report shows the US Government is still spending much more money than it brings in. That means the US is continuing to borrow hundreds of billions of dollars just to keep paying its bills.
The federal budget deficit rose by $94 billion to $693 billion for the first half of fiscal 2019, the Congressional Budget Office estimated Friday in its monthly budget review.
House Democrats next week hope to advance a two-year proposal that would raise caps on defense and domestic spending that were put in place in 2011 to reduce the debt.
The federal government’s budget deficit grew to $234 billion in February, the largest monthly shortfall on record, according to a Treasury Department report Friday.
Federal Reserve Chairman Jerome Powell said Wednesday that reducing the federal debt needs to return to the forefront of the agenda, warning that the government’s finances are unsustainable.
President Trump’s fiscal year 2020 budget projects that he would add nearly as much to the national debt in eight years as former President Barack Obama did during his tenure.
President Trump will unveil his fiscal 2020 budget request to Congress on Monday which calls for $2.7 trillion in spending cuts and balances in 15 years, according to the White House budget office.
The U.S. trade deficit widened in 2018 to a 10-year high of $621 billion, bucking President Donald Trump’s pledges to reduce it, as tax cuts boosted domestic demand for imports while the strong dollar and retaliatory tariffs weighed on exports.
The federal deficit for fiscal year 2019 ballooned 77 percent in the first four months, compared to the previous year.
The federal deficit will rise to $897 billion this year but isn’t expected to surpass $1 trillion for another three years, the Congressional Budget Office said in a report Monday.
President Trump, like his predecessors, has done virtually nothing to stop America’s runaway debt train.
U.S. President Donald Trump has backed plans to request $750 billion from Congress for defense spending next year, a U.S. official said on Sunday, signaling a Pentagon spending hike at a time of potential belt-tightening elsewhere in the government.
Record imports in October drove the U.S. trade deficit to the highest level in a decade.
The federal government collected record total tax revenues of $252,692,000,000 in October, the first month of fiscal 2019, according to the Monthly Treasury Statement released Tuesday.
U.S. President Donald Trump said the administration was studying a tax cut for middle-income earners that could be rolled out some time around the beginning of November, just before pivotal congressional elections.
The U.S. federal budget deficit rose in fiscal 2018 to the highest level in six years as spending climbed, the Trump administration said Monday.
The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today.
House Republicans have introduced legislation to lock in cuts to individual tax rates beyond 2025, a proposal that will have trouble advancing in the Senate but which sends a signal about GOP priorities ahead of competitive midterm elections.
According to data released by the US Commerce Department on Wednesday, the US trade gap increased 9.5 percent to $50.1 billion in July, from a revised $45.7 billion in the prior month.
The Water Authority announced Sunday that even if the coming winter brings average precipitation, or even above average, the hydrological drought will continue.