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U.S. expects to hit $1 trillion deficit earlier than planned

Published: September 11, 2018
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Source: axios.com

<i>Until debt tear us apart by <a href='https://unsplash.com/@stri_khedonia'>Alice Pasqual</a> on <a href='https://unsplash.com/photos/Olki5QpHxts'>Unsplash</a></i>
Until debt tear us apart by Alice Pasqual on Unsplash

 

The U.S. deficit grew by $222 billion from this time last year — reaching a total of $895 billion, according to the nonpartisan Congressional Budget Office.

Why it matters: This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending, which grew by 7% compared to revenue growth of only 1%. The CBO now says the deficit will approach $1 trillion by the end of this fiscal year, but in April the agency didn’t expect the deficit to reach $1 trillion until 2020.

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