The US federal budget deficit ballooned in the first four months of the 2019 fiscal year, growing 77% over the same period a year earlier as tax revenue plummeted and government spending went up
Figures released Tuesday by the Treasury Department showed the deficit hitting $310 billion, up from $176 billion a year ago.Don't ignore the national debt. It will only get worse if we don't act nowTreasury said that part of the increase in the deficit was due to a shift in timing of certain payments.
The growing deficit is being driven in part by the 2017 Republican tax reform, which sharply cut taxes for corporations as well as individuals.Read MoreTreasury said revenue from taxes collected from individuals for the period for October 2018 through January 2019 fell 2% to $19 billion. Revenue from corporations declined about 22% to $58.9 billion from $75.5 billion.
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