Federal deficit increases 26% to $984 billion for fiscal 2019, highest in 7 years
Medicare and interest on the debt are the main culprits. Now imagine what happens when interest rates rise. (As they will eventually, or we don’t have a market economy anymore.)
The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark previously forecast by the administration.
The gap between revenues and spending was the widest it’s been in seven years as expenditures on defense, Medicare and interest payments on the national debt ballooned the shortfall.
Reprinted from: https://www.ac2news.com/2019/10/102180/