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Economy & Business

Budget Deficit Already Exceeds Fiscal Year 2018 Total

(Unsplash)

2019’s federal budget deficit has already exceeded 2018’s with two months to go until the end the fiscal year ends.

So far the budget deficit is $866,812 million for fiscal year 2019, which ends October 1, compared to last year’s deficit of $778,996 million, according to Treasury Department data published Monday. It is expected to pass $1 trillion by the end of the fiscal year.

The government has gained $100 billion more in revenue this year but increased spending by $280 billion.

It has received about $25 billion more in customs duties this fiscal year than last as a result of the Trump administration’s tariffs on China and other countries, pulling in a total of $57 billion in such revenue. Most of that total, however — $52 billion — has been pledged to farmers who have seen their businesses hurt by the tariffs.

It has also pulled in $5 billion more in corporate income-tax revenue in fiscal year 2019 to date, bringing that number up to $171 billion.

The report comes as economic analysts and investors are growing more fearful that a recession could hit within the next year. The global economy has slowed in part due to the administration’s crippling tariffs on China, and analysts’ concerns have been further sparked by political chaos in Argentina and other countries.

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