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As GOP Campaigns on Tax Cuts, Federal Deficit Jumps 17% to Its Highest Level Since 2012

1 month ago   |   By Fortune

The U.S. federal deficit grew 17% in the 2018 fiscal year that ended Sept. 30, ballooning to $779 billion. Such an increase is effectively unheard of in a strong economy with robust job growth and low unemployment.
The Congressional Budget Office projects the budget deficit will swell to a trillion dollars in the 2019 fiscal year, and continue growing indefinitely. This will raise the national debt from almost $16 trillion today to nearly $29 trillion by 2028.
The Trump administration's director of the National Economic Council, Larry Kudlow, in July stated incorrectly that the deficit was...
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