The U.S. fiscal deficit exceeds trillions, accounting for 4.4% of the U.S. gross domestic product.

The report says that when fiscal year 2019 lasted only 11 months, the federal government’s fiscal deficit reached $1.07 trillion, 19% higher than the same period last year and 4.4% of the U.S. gross domestic product. This is the highest US government budget deficit since 2012.
As of this year, the United States has achieved economic growth for 10 consecutive years, but at the same time, the U.S. government’s fiscal deficit is increasing. Usually when the economy is in good shape, the fiscal deficit will decrease.
According to the analysis of the Wall Street Journal, President Trump’s tax cuts in 2017 have greatly reduced tax revenue, and the increase of government expenditure in the current fiscal year has led to an increase in the fiscal deficit.
The Treasury Department report shows that federal tax revenue in the United States has increased by 7% year-on-year since May, reflecting the strong economy and low unemployment rate in the United States. In terms of government expenditure, military expenditure increased by 9% and medical expenditure increased by 10%.
According to the White House Office of Management and Budget in July, the U.S. fiscal deficit will reach $1 trillion in fiscal year 2019. The Congressional Budget Office estimates that the U.S. fiscal deficit will be $960 billion in fiscal year 2019.
With the fiscal year ending on September 30, 2019, it is not clear whether the U.S. government’s fiscal deficit will exceed $1 trillion. Based on past experience, the U.S. government will earn more than it spends in September. (end)


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