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We said it would happen and it did. It is not getting a lot of coverage as the news is dominated by Trump’s shenanigans that deflect from the damage his administration is afflicting in America. The federal budget deficit is going through the roof.
The Congressional Budget Office reported the following,
The federal budget deficit was $895 billion for the first 11 months of fiscal year 2018, the Congressional Budget Office estimates, $222 billion more than the shortfall recorded during the same period last year. Revenues were 1 percent higher than in the same period in fiscal year 2017, but outlays rose by about 7 percent.
As was the case last year, this year’s outlays were affected by shifts in the timing of certain payments that otherwise would have been due on a weekend or a holiday. If not for those shifts, the increase in the deficit would have been smaller: The deficit for the 11-month period would have been $154 billion larger than last year’s amount. Excluding the effects of those timing shifts, the increase in outlays was 4.7 percent, and about one-quarter of the increase was for interest on the public debt.
CBO expects that the deficit, receipts, and outlays for fiscal year 2018 will be largely consistent with amounts in its adjusted April baseline, which were reported in An Analysis of the President’s 2019 Budget in May 2018.
Ironically, Corporate income tax fell by $71 billion. But, individual income and payroll taxes rose by $105 billion dollars. In other words, the tax cut that was supposed to help the masses have them paying more as corporations pay less.
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