As the effects of the tax cuts start to kick in, the deficit is predicted to balloon as the year goes on
http://tinyurl.com/yalosep9
From the article:
"The bigger-than-expected surplus in April does little to affect the longer-term trend. The deficit for the fiscal year, which began last October, was $385 billion, compared to a deficit of $344 billion in the same period of fiscal 2017.
Economists have warned that a combination of corporate and individual tax cuts passed by the Trump administration late last year and an increase in government spending agreed in early February will swell the nation’s deficit.
Accounting for calendar adjustments, the deficit for 2018 is expected to rise to $848 billion, $204 billion more than in fiscal 2017, according to the non-partisan Congressional Budget Office’s latest estimate released in early April." |
