U.S. News

U.S. budget deficit rises 77 percent to $310B

By Daniel Uria   |   March 5, 2019 at 7:38 PM
The federal budget deficit reached $310 billion in the first four months of the fiscal year 2019, according to Treasury data released Tuesday. File Photo by Roger L. Wollenberg/UPI

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March 5 (UPI) -- The U.S. budget deficit rose to $310 billion in the first four months of the fiscal year, Treasury Department data released Tuesday indicate.

The deficit rose $176 billion from 2018 and was up 77 percent from the same period last year, the Treasury monthly budget report said.

The Treasury said that a shift in timing of certain payments contributed to the increase in the deficit.

Receipts fell by 2 percent to $1.1 trillion and spending rose 9 percent to $1.4 trillion.

Customs duties doubled to about $25 billion amid increased tariffs on Chinese imports of steel and other goods.

The Treasury said that revenue from taxes collected from individuals fell 2 percent to $19 billion and revenue from corporations fell 22 percent to $58.9 billion.

The decreased amount of incoming taxes was a result of the 2017 Republican tax reform bill, which cut taxes on both individuals and corporations.

The Congressional Budget Office has predicted that the budget gap in the fiscal year through September would widen to $897 billion and is expected to exceed $1 trillion each year beginning in 2022.

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