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A big rise in the US budget deficit
2019/10/26 02:41:48
[rtl]WASHINGTON (Reuters) - The US budget deficit rose 26 percent in fiscal 2019 to close to $ 1,000 billion despite the economy's growth and new tariff revenues stemming from a trade war with China.[/rtl]
[rtl]The US Treasury said the federal deficit for fiscal year 2019, which ended in September, was $ 984 billion, or 4.6 percent of GDP.[/rtl]
[rtl]The deficit is the largest since 2012, when it reached $ 1,100 billion under former President Barack Obama, as the world's first economy emerged from the financial crisis and from a major downturn.[/rtl]
[rtl]Treasury officials said punitive tariffs imposed on Chinese goods as part of the Trump administration's trade confrontation with Beijing generated record revenues of $ 30 billion, up 70 percent from normal.[/rtl]
[rtl]But that did not prevent the deficit increasing by an additional $ 205 billion from 2018.[/rtl]
[rtl]US Treasury Secretary Stephen Mnuchin stressed that "President Donald Trump's economic program is working," calling on lawmakers to curb "waste and irresponsible spending."[/rtl]
[rtl]Imports rose 4 percent to $ 3462 billion, a record high, but the pace of increase was twice that, or 8 percent, to $ 4447 billion, a historic record.[/rtl]
[rtl]In terms of expenditures, the aging of the population, which coincides with higher pensions (6 per cent) and health insurance (8 per cent) for the poorest (Medi-Aid) and older (Medicare), has had a significant impact on this deficit.[/rtl]
[rtl]But the deficit also rose due to a $ 51 billion increase in debt service (10 percent), increased military spending (9 percent) and aid to farmers suffering from the US-China tariff war.[/rtl]
[rtl]"In order for America to have permanent public finances, we must adopt proposals like President Donald Trump's 2020 budget plan aimed at reducing irrelevant and irresponsible expenditures," said Stephen Mnuchin.[/rtl]
[rtl]Tax cuts, especially on companies, have limited the growth of state imports, despite the continued economic recovery that usually leads, through job creation, to more tax imports to state coffers.[/rtl]
[rtl]The Treasury Department has not released estimates for the new budget that has begun, but the Congressional Budget Office expects the deficit to reach $ 1 billion next year and $ 1,500 billion in 2028.[/rtl]
[rtl]The widening deficit is driving up the debt of the world's largest economy, which now stands at $ 23 billion.[/rtl]
[rtl]To pay for the country's increasing expenditures, the Treasury increased its loans by $ 1052 billion.[/rtl]
[rtl]"The current budgetary trajectory cannot continue," said Senate Budget Committee Chairman Mike Enzi.[/rtl]
[rtl]"As the state's imports increase, its expenditures rise at a doubling pace," he said, stressing that "we can no longer ignore these budget challenges our nation faces."[/rtl]
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