Monday, August 12, 2019

Fiscal Year To Date Deficit Hits $867 Billion

See https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0719.pdf

There are still two months left in the fiscal year.  The last fiscal year to date deficit at this point was $684 Billion, so this is running $183 billion higher.  In the last two months of the last fiscal year, the government spent $95 billion.  So we anticipate that the total deficit for FY 2019 will be about $970 billion and won't hit $1 trillion.  It will easily exceed $1 trillion next year, although the CBO claims that $1 trillion won't be reached until 2022.  The CBO hasn't taken into account the extra spending from the last budget deal and they need to update their models.

Update: The Treasury is predicting that the deficit will be $1 trillion this fiscal year. 
Total revenues (on-budget and off-budget) of: 3,472,324
Total outlays (on-budget and off-budget) of: 4,472,961
Total deficit for Fiscal Year 2019 (in millions): -1,000,637

Wow, and it isn't even a recession year yet.

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