Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

BP: Deficit balloons to $779 billion in Trump's second year


October 16, 2018

America's budget deficit ballooned to $779 billion in 2018, the federal government said on Monday, as higher spending and stagnating tax revenue pushed the nation's debt burden higher.

The approximately 17 percent jump in the federal deficit came despite the strong growth in the overall U.S. economy, an unusual instance in which the economy and the deficit are expanding at the same time. Typically, strong economic growth translates into lower deficits as the government collects more from taxpayers.


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