U.S. Ran $666 Billion Deficit In Fiscal 2017

The following excerpt is from an article that originally appeared on End Time Headlines

The federal budget deficit widened in the fiscal year 2017 to the sixth highest deficit on record as government spending growth outpaced growth in tax collections for the second year in a row, the Treasury Department said Thursday. The budget shortfall rose to $666 billion in the fiscal year that ended on Sept. 30, up $80 billion, or 14%, from the fiscal year 2016. That tracks with an estimate from the Congressional Budget Office, which had predicted a $668 billion deficit for the last fiscal year.

Federal tax receipts reached a record high in the fiscal year 2017, at $3.3 trillion, thanks to slightly faster growth, according to a senior Treasury official. But government outlays also hit a record high last year at nearly $4 trillion, 3% higher than they were in the previous fiscal year, thanks to increased spending on Social Security, Medicare and Medicaid, as well as higher interest payments on the public debt. READ MORE

Click here to Read this Entire Story on End Time Headlines


This post was originally published on this site

Recommended Viewing


FREE HYBEAM POPLAMP

Great for Emergency Survival Kits!

FREE GUN LOVER SHIRT

Choose the Size You Want!

PARACORD BRACELET

Show Your Patriotism with this FREE Bracelet!

 






FREE MICRO KEY KNIFE

The Only Knife You’ll Never Forget!

 


Comments are closed.