U.S. budget deficit widens; spending up on health, military

Reuters/Jason Lange/8-12-2019

“The Treasury Department said federal spending in July was $371 billion, up 23% from the same month in 2018, while receipts were $251 billion, up 12% compared with July 2018. The fiscal-year-to-date deficit was $867 billion, compared with $684 billion in the comparable year-earlier period.”

USAGOLD note:  Few will be surprised by these numbers. . .Keep in mind that the federal government is racking up these numbers at a time when the economy is doing well. What happens when it isn’t?  What happens if the long-forecasted recession actually becomes a reality and tax revenues plummet?

Overlay chart showing the growing gap between federal revenue and expenditures

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