The Federal budget deficit, the U.S. will reach $ 1 trillion by the end of the financial year

The Federal budget deficit the United States will reach $ 1 trillion by the end of 2018 fiscal year. On 11 September, reported in the Budgetary management of the Congress of the United States.

According to the previous calculations the level of deficit had to overcome this mark is not before 2020.

For the first 11 months of the 2018 fiscal year (it began on 1 October 2017 and will end on 30 September 2018), Federal spending increased by $222 billion, or 32% compared to the same period last year.

Now the country’s budget deficit is $895 billion.

In the Budgetary management of the Congress believe that the costs to the state Treasury increased due to the tax reform adopted at the initiative of the Republican party, and, in General, due to increased government spending. Expenses increased for the past 11 months by 7%, while tax revenues increased by only 1%.