Alwaght- The US budget deficit in the first 10 months of this budget year has increased 20.8 percent keeping the country on track to record its biggest annual deficit in six years.
According to the Treasury Department the US deficit totaled $684 billion mostly due to the December 2017 Trump tax revisions, according to Cnbc.com.
Revenues are up only 1 percent this year with the increase held back by a big drop in corporate tax payments. Spending is up 4.4 percent, reflecting a big boost Congress approved earlier this year for domestic and military programs and rising costs to finance the debt.
The Trump administration last month sharply revised upward its deficit estimates, projecting annual deficits will once again top $1 trillion next year.
Trump vowed to cut the deficit when running for president in 2016, regularly bashing Barack Obama’s economic policies that saw the shortfall swell to well above $1 trillion during his time in office. He even promised to wipe out the national debt, though offered no suggestion of how that might be achieved. But now that he is in the Oval Office, the president seems less worried about the runaway numbers.