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IPFS News Link • Government Debt & Financing

US Budget Deificit Hits $984 Billion In Fiscal 2019, Up $205 Billion In One Year

• by Tyler Durden

At 2pm today we got the answer, when the US Treasury reported that thanks to a $82.8 billion surplus in September, the full year deficit for fiscal 2019 was shy of $1 trillion, but just barely, printing at $984.4 billion, a whopping $205 billion, or 26.4% increase, to the $779 billion deficit hit in 2018.

This was $24 billion more than the CBO's own forecast in August, which predicted a 2019 deficit of $960BN.

As shown below, the $83 billion monthly surplus was thanks to $374 billion in receipts, offsetting $291 billion in outlays. The biggest source of income were income taxes ($183BN), social security and retirement ($104BN), and corporate income taxes ($60BN), while the biggest outlays were Social Security ($88BN), Defense spending ($55BN), healthcare ($53BN), and Medicare ($26BN).