The Treasury Department said Wednesday in its monthly budget report that the deficit from October through January was $389.2 billion, up $78.9 billion from the same period last year.
The deficit reflected government spending that has grown 10.3% this budget year while revenues were up only 6.1%. For January, the deficit totalled $32.6 billion, compared to a surplus a year ago of $8.68 billion.
President Donald Trump sent Congress a new budget blueprint on Monday that projects the deficit will top $1 trillion this year but then will decline over the next decade.
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US GROWTH SLOWED SHARPLY LAST QUARTER TO 1.6% PACE.REFLECTING AN ECONOMY PRESSURED BY HIGH RATES
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AS BIDEN CELEBRATES COMPUTER CHIP FACTORIES VOTERS WAIT FOR THE PROMISED PRODUCTION TO START
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MICROSOFT & AMAZON FACE SCRUTINY FROM UK COMPETITION WATCHDOG OVER RECENT AI DEALS
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OLYMPIC ORGANIZERS UNVEIL STRATEGY FOR USING ARTIFICIAL INTELLIGENCE IN SPORTS
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WHAT YOU NEED TO KNOW ABOUT WRAPPING YOUR CAR
Gaze around the next time youâre stuck in traffic and see if youâre not surprised, maybe even a little saddened, by the monochromatic sea around you.
TIKTOK MAY BE BANNED IN THE US. HERE'S WHAT HAPPENED WHEN INDIA DID IT
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