{"id":39172,"date":"2018-10-15T16:06:41","date_gmt":"2018-10-15T21:06:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39172"},"modified":"2018-10-15T16:07:12","modified_gmt":"2018-10-15T21:07:12","slug":"us-spending-on-interest-hits-all-time-high-as-budget-deficit-in-trumps-first-year-soars-to-779-billion","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39172","title":{"rendered":"US Spending On Interest Hits All Time High As Budget Deficit In Trump’s First Year Soars To $779 Billion"},"content":{"rendered":"
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US Spending On Interest Hits All Time High As Budget Deficit In Trump’s First Year Soars To $779 Billion<\/a><\/span>\u00a0<\/span><\/h3>\n<\/div>\n
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One month ago we already knew <\/a>that the U.S. budget deficit for the 2018 fiscal year – Trump’s first full year in office – would be jarring after the August deficit soared to $211 billion, nearly double the deficit gap from one year ago (largely due to calendar quirks) which on a cumulative basis for the first 11 months of the fiscal year was a staggering $895 billion, $222 billion or 39% more than the previous year. This was largely due to outlays which climbed 7% while revenue rose a mere 1%.<\/p>\n

Today at 2pm we got official confirmation of the rapid expansion in the US budget deficit when the Treasury announced <\/a>that in Trumps first full fiscal year as president, the U.S.\u00a0budget deficit\u00a0grew 17% to $779 billion from $666 billion…<\/strong><\/p>\n

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… the highest full year total since 2012 amid tax cuts and spending increases, if below the trailing 12 month total as of August which, as noted above, was a whopping $895 billion.<\/p>\n

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The budget gap for the 12 month period ended September was 17% greater than the same 12-month period a year earlier, as spending rose 3.2% and revenue gained just 0.4%.<\/p>\n

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The deficit as a share of GDP was 3.9% in fiscal 2018, up 0.4% point from the prior year.<\/p>\n

To fund this deficit, the U.S. government borrowed $1.08 trillion from the public in Fiscal 2018, more than double the amount borrowed in 2017 <\/strong>($498.3 billion) and the most borrowed from the public in a fiscal year since FY’12.<\/p>\n

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There was some good news: contrary to more pessimistic expectations, the surplus <\/em>for the fiscal year’s final month of September jumped to $119 billion, the largest windfall for the last month of any fiscal year on record. However, like in August, there were calendar effects in play – and if not for timing shifts, last month’s surplus would have been just $44BN, $7BN (13%) less than Sep ’17 surplus.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

US Spending On Interest Hits All Time High As Budget Deficit In Trump’s First Year Soars To $779 Billion\u00a0 One month ago we already knew that the U.S. budget deficit for the 2018 fiscal year – Trump’s first full year in office – would be jarring after the August deficit soared to $211 billion, nearly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1928,2994,431,827,837,4318],"class_list":["post-39172","post","type-post","status-publish","format-standard","hentry","category-economics","tag-budget-deficit","tag-interest","tag-interest-rates","tag-united-states","tag-us-budget","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39172","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39172"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39172\/revisions"}],"predecessor-version":[{"id":39173,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39172\/revisions\/39173"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}