Federal budget deficit clocks in at $779B for 2018, largest since 2012
by Joseph Lawler
| October 15, 2018 02:08 PM
The federal budget deficit rose to $779 billion for fiscal year 2018, the Treasury Department reported Monday, the largest government shortfall since 2012.
Higher spending drove the increase in the annual deficit, with total government spending reaching $4.1 trillion, up from just under $4 trillion the year before.
Deficits have risen and are set to rise further in the years ahead after the Republican-led Congress, together with President Trump, cut taxes and increased spending.
The nonpartisan Congressional Budget Office estimates that the government's finances will worsen in the years ahead. It projects that the annual deficit will rise to $981 billion next year, or about 4.6 percent of Gross Domestic Product, and then eclipse the $1 trillion mark the year after that.
Meanwhile, under current law, the federal debt is expected to grow from about 76 percent of GDP today to 96 percent of GDP in 10 years.
The deficit refers to the difference between revenues and spending in one year, whereas the debt refers to accumulated deficits.
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