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The federal deficit hit $895 billion in the first 11 months of fiscal 2018, an increase of $222 billion, or 32 percent, over the same period the previous year, according to the Congressional Budget Office (CBO).
The nonpartisan CBO reported that the central drivers of the increasing deficit were the Republican tax law and the bipartisan agreement to increase spending. As a result, revenue only rose 1 percent, failing to keep up with a 7 percent surge in spending, it added.
The deficits from all these budgets total $6.786 trillion. But, like most presidents, Obama's contribution to the debt was higher. There's a difference between the deficit and the debt by president. All presidents can employ a sleight of hand to reduce the appearance of the deficit. They can borrow from federal retirement funds. For example, the Social Security Trust Fund has run a surplus since 1987. There were more working people contributing via payroll taxes than retired people withdrawing benefits.
originally posted by: xuenchen
Russians !! 💥🤪💥
originally posted by: Irishhaf
a reply to: Southern Guardian
Yea this is wrong, that what you want to hear?
Guess what it was also wrong when your team was pumping billions into to big to fail making the rich ultra rich and screwing the little people congrats.