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The US budget deficit widened to a six-year high of $779bn during Donald Trump’s first full fiscal year in the White House as borrowing swelled despite surging economic growth.
The deficit grew by $113bn from the previous year, reaching 3.9 per cent of US gross domestic product in the fiscal year ended September 30. That compared with 3.5 per cent the previous year and was above the 40-year average of 3.2 per cent, according to a report from the US Treasury and Office of Management and Budget.
The figures will intensify concerns about the vast deficits the US government is running during an economic boom that has driven unemployment to its lowest levels since the late 1960s.
https://www.ft.com/content/c8a990d8-d0a ... 74db66bcd5
US budget deficit widened to $779bn in Trump’s first full fiscal year
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The US budget deficit ballooned to $779 billion this year, the highest since 2012, driven by Trump's tax law and the massive budget deal
Bob Bryan Oct 15, 2018, 3:00 PM
donald trump paul ryan
President Donald Trump and House Speaker Paul RyanJoshua Roberts/Reuters
The budget deficit for fiscal year 2018 hit $779 billion, according to the Treasury Department.
The deficit increased by 17% compared to 2017 and is the largest deficit since 2012.
The GOP tax bill and massive budget agreement helped to grow the deficit.
The increase in the deficit will only accelerate in years to come, the Congressional Budget Office warns.
Bob Bryan Oct 15, 2018, 3:00 PM
donald trump paul ryan
President Donald Trump and House Speaker Paul RyanJoshua Roberts/Reuters
The budget deficit for fiscal year 2018 hit $779 billion, according to the Treasury Department.
The deficit increased by 17% compared to 2017 and is the largest deficit since 2012.
The GOP tax bill and massive budget agreement helped to grow the deficit.
The increase in the deficit will only accelerate in years to come, the Congressional Budget Office warns.
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