19:48 GMT +316 July 2019
Listen Live
    Cartoons

    Deficit Don

    Cartoons
    Get short URL
    2134

    The US government's budget deficit swelled to $779 billion in the 2018 fiscal year due to Congress’ “irresponsible and unnecessary spending,” according to the Office of Management and Budget (OMB) and US Department of Treasury.

    Deficit Don

    Despite the boasting of "more job openings than job seekers," and 1.4 percent growth in wage compensation, a Monday joint press release by the US Treasury and OMB revealed a glaring disparity between spending and collection.

    Blasting Congress' "continual unwillingness to restrain spending," OMB Director Mick Mulvaney claimed the US president is "very much aware" of spending climbing by 3.2 percent while revenue increased by a mere 0.4 percent for 2018.

    The OMB director went on to assert "America's booming economy" will lead to an increase in government revenue looking forward.

    According to the Congressional Budget Office, the American public can expect the federal deficit to surpass $1 trillion by 2020 — comparable to the total around the time of the US' 2007 to 2008 financial crisis.

    Related:

    US Budget Deficit Surges $113Bln to $779Bln in Fiscal 2018
    Tariff War Won’t Solve US Trade Deficit – China’s Ministry of Commerce
    It’s Huuuuuge: US Budget Deficit Under Trump Rises 21%, Widest Gap in Six Years
    Merkel Rebuffs Trump's Trade Deficit Claims, Citing 'Old-Fashioned' Calculations
    Trump Seeks Congress Approval for Separate Trade Deals With Japan, EU, UK
    Tags:
    fiscal year, spending, revenue, budget, deficit, Office and Management and Budget, Treasury Department, Mick Mulvaney, Donald Trump, United States
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik

    More cartoons

    • Pedophiles, Plea Deals and Pink Slips
      Last update: 22:06 12.07.2019
      22:06 12.07.2019

      Pedophiles, Plea Deals and Pink Slips

      On Friday, US President Donald Trump announced to White House reporters that Labor Secretary Rene Alexander Acosta would be stepping down of his own accord, just two days after Acosta held a press conference defending his 2007 plea deal given to convicted sex offender and billionaire financier Jeffrey Epstein.

    • Free Speech & Tweets
      Last update: 01:42 10.07.2019
      01:42 10.07.2019

      Free Speech & Tweets

      On Tuesday, a federal appeals court ruled that since assuming office, US President Donald Trump has been violating the US Constitution’s First Amendment by choosing to block certain Americans from viewing his timeline, despite the account in question being his personal handle rather than “@POTUS.”

    • Military Dependence Day
      Last update: 22:19 03.07.2019
      22:19 03.07.2019

      Military Dependence Day

      US President Donald Trump claims this year’s July 4 celebration on the National Mall will be the “show of a lifetime,” featuring a series of musical performances, military flyovers and a public address from 45 himself. However, Trump’s scheduled displays may not be the only prominent gatherings in Washington, DC.

    • Too Many Candidates, Too Little Time
      Last update: 22:14 27.06.2019
      22:14 27.06.2019

      Too Many Candidates, Too Little Time

      Wednesday night kicked off the first of a two-day, 20-candidate debate series between a wide range of political hopefuls vying for the Democratic presidential nomination. From Spanglish to technical difficulties, the night included a series of unexpected occurrences both on and off the stage.