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 deficit widened by 23% to $747.1 billion in the first nine months of the fiscal year, as rising spending eclipsed a small bump in revenue from the Trump administration’s tariffs.
Federal expenditures increased to $3.36 trillion in the period from October to June, up 6.6% from a year earlier, the Treasury Department said on Thursday. Revenue rose by 2.7% to $2.61 trillion.
Collections from customs almost doubled to $50.5 billion from a year earlier. President Donald Trump’s administration last year imposed tariffs on everything from Chinese goods to steel and aluminum imports. Still, custom duties comprise only a small share of total receipts. [ Source: Bloomberg (Read More...) ]
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