Date: October 17, 2018
“The federal deficit has hit its highest level in the last six years.
President Donald Trump likes to boast that he’s breaking records with the latest low unemployment figures. Here’s another record for his administration: The 2018 federal deficit hit the highest level of the last six years.
The deficit jumped 17 percent (or by $113 billion) to $779 billion at the end of Trump’s first fiscal year, according to final figures released Monday by the Treasury Department. That’s mostly due to the massive corporate tax cut that slashed rates from 35 percent to 21 percent, choking revenue for spending, which climbed 3 percent. Much of that was a hike in defense spending and money to pay interest on the climbing federal debt, CNN reported.
The U.S. government’s $523 billion in interest payments to service its debt in 2018 — the highest ever — was more than the entire economic output of Belgium this year, Bloomberg reported.