The national debt is only getting worse under President Donald Trump and the Republicans, despite campaign promises that they would rein in reckless spending and tackle the $21 trillion federal debt.
But that has yet to happen.
According to new data released by the Treasury Department, the national debt spiked by $1,271,158,167,126.72 in fiscal year 2018, up from $20,244,900,016,053.51 a year ago.
On September 28, the final business day of the fiscal year, the U.S. gross national debt advanced by $84 billion.
What drove the debt binge? Outlays increased by seven percent, or $240 billion, in the first 11 months of FY 2018. Individual income and payroll tax receipts climbed by four percent, corporate income tax receipts declined by 30 percent, and revenues from other sources dipped by six percent.
The federal fiscal year is from October 1 to September 30.
Leave a Comment