Wednesday, September 12, 2018

Where's the bragging tweet about the deficit?

The federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).

The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.

Revenue from individual and payroll taxes was up some $105 billion, or 4 percent, while corporate taxes fell $71 billion, or 30 percent.

[...]

Earlier analysis from CBO projected that deficits would near $1 trillion in 2019 and surpass that amount the following year.

  The Hill
...but hey, do what you want...you will anyway.

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