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US budget is in danger of a huge deficit
18/07/2017 06:35
The White House confirmed that the decline in tax revenues would increase the US budget deficit to $ 702 billion this year, which is higher by about $ 99 billion, which was expected at the end of May.
As well as the report of the Office of Budget Management predicted that the deficit for the fiscal year 2018, which begins on October 1, will increase by about $ 149 billion, reaching about $ 589 billion, more than last year's deficit of $ 585 billion.
The report blames the failed policies of the previous presidential administration (Barack Obama's administration) in causing such an increase in the budget deficit.
Said Mick Malvana, director of the budget at the White House: "The growth of the deficit in the short term underscores the urgent need to restore fiscal discipline in respect of financial relations in the country."
He added: "Our country needs to make significant changes in policy if we want our citizens to live safely and achieve a prosperous future for them."
In May, US President Donald Trump promised to balance the budget over 10 years, the Congressional Budget Office acknowledged that it is unlikely to achieve the dream of the new US administration with an average growth rate of 3% per annum.
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