Debt: “U.S. Budget Deficit Already Exceeds Last Year’s Total Figure”

“The gap grew to $866.8 billion in the first 10 months of the fiscal year, up 27% from the same period a year earlier, the Treasury Department said in its monthly budget report on Monday. That’s wider than last fiscal year’s shortfall of $779 billion — which was the largest federal deficit since 2012.

So far in the fiscal year that began Oct. 1, a revenue increase of 3% hasn’t kept pace with a 8% rise in spending… tax cuts, increased federal spending and an aging population have contributed to the fiscal strains… Corporate income-tax receipts rose 3% between October and July, while individual income taxes gained 1%, according to Treasury data…”

https://finance.yahoo.com/news/u-budget-deficit-already-exceeds-180000048.html