US tax revenues are down and spending is up. The net result speaks for itself: U.S. Budget Gap Widened 77% in First Four Months of Fiscal Year.
The government ran a $310 billion deficit from October through January, compared with $176 billion during the same period a year earlier, a 77% increase, the Treasury Department said Tuesday.
Federal outlays climbed $115 billion, or 9%, in the first four months of fiscal 2019, which began Oct. 1, driven by higher spending on the military, veterans' affairs and interest on the debt. Total receipts declined $19 billion, or 2%, due to weaker corporate and individual income-tax collection.