Budget Deficit Soars 32%

A CBO report finds the federal budget deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of 32% over the same period the previous year.

Axios: “This increase was due mostly to the new Republican tax law and Congress’ routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.”