The federal deficit surpassed $1 trillion in the first 11 months of fiscal 2019, the Congressional Budget Office (CBO) said Monday.
The deficit presently stands at $1.068 trillion, though it is likely to be reduced in September as quarterly tax payments are paid.
“In its most recent baseline projections, CBO estimated that the 2019 budget deficit would be $960 billion,” the CBO noted. That amount would be $181 billion higher than last year’s deficit.
The deficit as of Monday was running $168 billion ahead of the deficit in the last fiscal year at this time.
While mandatory spending such as Social Security and Medicare drive the deficit, it has shot up under President Trump’s watch following the GOP tax cut bill and a series of bipartisan agreements to raise spending on both defense and domestic priorities.
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Federal deficit surpasses $1 trillion https://t.co/kcTPsb5nFT pic.twitter.com/IrDLlLx482
— The Hill (@thehill) September 10, 2019
Social Security and Medicare get the blame, but what really drives up the debt is Trump and company spending money they don’t even have on giveaways for themselves and s whole bunch of others.
Ah, but I guess the US can do as a number of other financially strapped countries have done: Just print more currency. Look at how well that idea worked in Greece.
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