US deficit surges to $530 billion in May: CBO

[Yo_Mama_Been_Loggin]

Source: The Hill

The federal budget deficit surged to $530 billion in the first eight months of the 2018 fiscal year, which began in October, surpassing last year's deficit over the same period by $97 billion, according to new figures.

The Congressional Budget Office (CBO) said in a report released Thursday that government spending surged 6 percent relative to last year, while revenues only increased 3 percent.

Budget watchers projected that the combination of the GOP tax bill, which slashed tax rates, and the bipartisan agreement to increase government spending would push up the deficit.

Corporate tax revenues, for example, were down $42 billion, about 25 percent, though much of that revenue reflected 2017 taxes, CBO said.

Read more: http://thehill.com/policy/finance/391295-us-deficit-surges-to-530-billion-in-may-cbo

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Winning Trump style

[BigmanPigman]

1. What was the deficit when Clinto leftnoffice?

...just wondering.

[Igel]

3. Better would be to ask,

"What was the deficit projected to be for this time period prior to the (R) changes to spending and taxes?" The deficit was projected over a year ago to increase for this year. Before anything was done, continuing the policies in place for taxation, spending, and the economy that were in place on 1/19/17.

Going back 18 years to what was, at the time, a completely bogus projection does little to advance understanding or accuracy.

The whole "assuming no changes to economic growth compared to the last two years" when all the indicators said "recession!" struck even the CBO as unhinged.

[SCantiGOP]

4. Clinton left office with a budget surplus

And a huge “peace dividend” because there was no reason to go to war anywhere.

[GeorgeGist]

2. Bankruptcy.

He's good at it.

[CountAllVotes]

5. +1,000 !!

n/t

[maxsolomon]

6. Irrelevant

the GOP is in power.

It will only become relevant if a Democrat become President.

[Achilleaze]

7. republicans are destroying America's budget

republicans are lying every time they call themselves 'conservatives." what utter horseshit.

[Penn Voter]

8. What would you expect

from the self-proclaimed "king of debt?"