Federal budget deficit increases 79% in July

“The numbers: The federal government ran a monthly budget deficit of $77 billion in July, up 79% over the same month a year ago” writes Robert Schroeder for The Congressional Budget Office predicts trillion-dollar deficits will return in 2020.Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate.Big picture: Congressional budget analysts predict the deficit for the full year will be about 19% bigger than last year’s shortfall, the result of both the Republican tax law and spending boosts approved by lawmakers earlier this year.What happened: Receipts fell 3% compared to last July, with the government getting less money from both corporations and individuals in the wake of the new tax law.

Related posts