Federal deficit rises to six-year high following last year’s tax cut
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The U.S. government is spending more and taking in less. The Treasury Department reported on Monday that the federal deficit has increased this past budget year to $779 billion, the largest deficit since 2012. The biggest culprit is last year’s Republican-backed tax overhaul, which cut tax rates for businesses and individuals. The tax law likely boosted the economy, but not enough to make up for lower rates, as the Trump administration promised.
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