US Budget Deficit Soars By Nearly 27% - Treasury

Faizan Hashmi Published August 13, 2019 | 01:40 AM

US Budget Deficit Soars by Nearly 27% - Treasury

WASHINGTON (UrduPoint News / Sputnik - 13th August, 2019) The US government's budget deficit soared by almost 27 percent compared to the same 10-month period of the previous fiscal year, Treasury Department data revealed on Monday.

The US deficit for the first ten months of Fiscal Year 2019, according to the data, rose to $866.8 billion, exceeding the full year figure for last year which was $779 billion.

Defense spending rose by 9.5 percent to $568.2 billion in the same ten-month period.

For the month of July alone, the deficit rose to $119.7 billion, $48 billion higher than the same month last year.

The US government's fiscal year runs from October 1 through September 30.

The Congressional Budget Office expects the deficit to break the $1 trillion mark in 2020 largely due to President Donald Trump's massive tax cuts for the wealthy.

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