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