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    Deficit Don

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    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
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