Federal deficit balloons 77 percent in first third of the fiscal year

Wednesday, March 6, 2019 | Tag Cloud Tags: , , , ,

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Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”

(Worthy News) - The federal deficit for fiscal year 2019 ballooned 77 percent in the first four months, compared to the previous year.

The federal deficit ran $310 billion in the first four months of this budgetary year, the Treasury Department said Tuesday. Tax revenue fell slightly, by $19 billion or close to 2 percent, while federal spending grew by close to 9 percent from the same period the year before.

Spending rose despite a partial government shutdown that took place during two of those months. Shutdowns typically delay payments, though the cost to stop and then restart certain government activities sometimes costs more than continuing those operations. [ Source: Washington Examiner (Read More...) ]

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