Budget deficit jumps by 23 percent

Image result for deficitThe federal budget deficit increased by 23.1 percent in the first nine months of the current fiscal year compared to the same period in the year before, the Treasury Department reported Thursday. The deficit grew to $747.1 billion in the October to June period, up from $607 billion the previous year.

Spending reached $3.36 trillion with revenue of $2.61 trillion.

Both figures set records.

The increase in receipts stemmed partly from a 78 percent increase in customs duties that came as President Trump hit Chinese goods with higher tariffs.

The rising deficit was caused by several factors, including President Trump’s $1.5 trillion 2017 tax cuts and a huge spending package.

The Trump administration forecasts a deficit exceeding $1 trillion for the full year ending Sept. 30.

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