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US Budget Deficit Soars by Nearly 27 Percent - Treasury

© REUTERS / BRENDAN MCDERMIDA screen displays the U.S. Federal Reserve interest rates announcement as traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 31, 2019.
A screen displays the U.S. Federal Reserve interest rates announcement as traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 31, 2019. - Sputnik International
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WASHINGTON (Sputnik) - The US government budget deficit soared by almost 27 percent, compared to the same 10-month period of the previous fiscal year, according to US Treasury Department data revealed on Monday.

The US deficit for the first ten months of Fiscal Year 2019, according to data, rose to $866.8 billion, exceeding the full-year $779 billion figure for last year.

Defense spending rose by 9.5 percent to $568.2 billion in the same ten-month period.

For the month of July alone, the deficit rose $119.7 billion, $48 billion higher than the same month last year.

The US government fiscal year runs from 1 October through 30 September.

The Congressional Budget Office (CBO) expects the deficit to break the $1 trillion mark in 2020 largely due to President Donald Trump’s massive tax cuts for the wealthy.

Earlier, the CBO predicted that the changes in US tax law and an anticipated slowdown in US economic growth were expected to push the budget deficit to historically high levels totaling nearly 100 percent of the gross domestic product (GDP) by 2028.

The CBO assumptions of a sluggish economy for much of the next decade clashed with earlier claims by Trump that his "America first policies" will result in GDP growth of at least 3 percent and possibly 4 percent.

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