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US budget deficit rises 27% through July

The US budget deficit widened to $867 billion for the first 10 months of the fiscal year, an increase of 27% over this time last year, the Treasury Departmen...

Posted: Aug 12, 2019 3:51 PM

The US budget deficit widened to $867 billion for the first 10 months of the fiscal year, an increase of 27% over this time last year, the Treasury Department reported Monday.

The current shortfall exceeds the full-year deficit for fiscal 2018, which was $779 billion.

President Donald Trump, who promised during the 2016 campaign to eliminate the federal debt, has instead overseen a dramatic increase in deficits.

The White House's Office of Management and Budget has predicted that the deficit will exceed $1 trillion for the entire fiscal year, which ends on September 30. The nonpartisan Congressional Budget Office in May had predicted a slightly smaller shortfall of $896 billion for the year, with deficits rising above $1 trillion starting in 2022.

The last time the gap was that big was in 2012, in the aftermath of the financial crisis.

There are a number of factors driving the US deficit increase, including the $1.5 trillion tax cuts signed into law by Trump in 2017 along with a massive spending package passed by Congress.

Tax revenue rose 3% to $2.86 trillion since the start of the fiscal year on October 1, but hasn't kept up with increased federal spending, which increased 8%.

Earlier this month, Trump signed into law a bipartisan two-year budget deal that will raise spending by an additional $320 billion over the next two years and suspended the debt ceiling through mid-2021.

The Committee for a Responsible Federal Budget estimates that the 2017 tax cuts combined with new spending by Congress will add more than $4.1 trillion to the federal debt by 2029.

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 906596

Reported Deaths: 17358
CountyConfirmedDeaths
Los Angeles2997606993
Riverside659021279
San Bernardino626191072
Orange585731447
San Diego54583870
Kern33813416
Fresno30752436
Sacramento25372484
Santa Clara24144388
Alameda23312461
San Joaquin21630489
Contra Costa18621241
Stanislaus17629396
Tulare17495286
Ventura14240164
Imperial12700336
San Francisco12103140
Monterey1137291
San Mateo11075159
Santa Barbara9781120
Merced9465155
Sonoma9312136
Kings822883
Solano728674
Marin7074128
Madera498174
San Luis Obispo414132
Placer409357
Yolo319159
Butte307852
Santa Cruz278825
Napa195715
Shasta187830
Sutter183712
San Benito143715
El Dorado13174
Yuba129310
Mendocino112721
Tehama8728
Lassen7661
Lake69615
Glenn6573
Nevada6088
Humboldt5629
Colusa5506
Calaveras34218
Amador32816
Tuolumne2694
Inyo22715
Siskiyou1930
Mono1802
Del Norte1781
Mariposa782
Plumas680
Modoc290
Trinity250
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Alpine30
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Fire danger remains high over much of California on this Monday, and that will continue through Tuesday afternoon. Thankfully, most of the strongest wind has passed, and the wind will weaken through midweek.
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