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 U.S. budget gap widened 38% in the first seven months of the fiscal year as federal spending outpaced tax collections.
The government ran a $531 billion deficit from October through April, the Treasury Department said Friday, compared with $385 billion during the same period a year earlier, a 38% increase. Federal outlays rose 8%, to nearly $2.6 trillion, while revenues increased 2%, to $2.04 trillion -- a record for the seven-month period.
Part of the increase in the deficit was attributable to a shift in the timing of certain federal benefit payments, which made the deficit appear larger. If not for those timing shifts, the deficit would have risen 23% from the same period in fiscal year 2018. [ Source: Morningstar (Read More...) ]
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