U.S. budget deficit spikes to $88.4 billion in May 2017

Well, that certainly didn’t last long…

According to the Treasury Department, the United States budget deficit rose jumped to $88.4 billion in May, up from $53 billion the same time a year ago.

The Treasury reported that tax receipts from individuals and corporations climbed seven percent in May to $240 billion. However, spending had spiked 19 percent to $329 billion because of faster-thane-expected increases in Medicaid and defense spending.

Moreover, officials state that tax revenue is rising but at a slower pace than in previous years and what the Congressional Budget Office (CBO) has projected. Reports say that this is because of slower hiring and sluggish economic growth.

The budget deficit is forecast to increase to $602.5 billion if President Donald Trump’s budget proposal is passed, which it likely won’t.

Many citizens of Trump Nation were hopeful that Washington’s finances were getting under control, especially after earlier Treasury numbers found the budget deficit had dipped.

Like this article? Get ECN delivered to your inbox daily. Subscribe here.

Comments

  1. Rabelrouser says:

    Once we Constitutional currency again, then the budget will balance.

  2. JRATT1956 says:

    I wish it could happen, but the Banksters who own our politicians will never let that occur.

    “Reports say that this is because of slower hiring and sluggish economic growth.”

    Record corporate profits, lowest unemployment numbers in years, something does not add up. Could it be that the federal government is just spending way too much, no matter what the economy is doing? A freeze in government spending for a couple of years might help. Then maybe our politicians would stop wasting money on stupid stuff, like Solyndra and bridges to nowhere.

Leave a Comment