Despite a strong economy, the federal deficit continues to grow
Share Now on:
A growing economy typically means shrinking deficits, but a new report from the U.S. Treasury Department shows the government spent $740 billion more than it took in from October to May — almost the entire federal deficit of the previous budget year.
Last month’s deficit looks even worse than it would due to a timing quirk: June 1 fell on a Saturday, so more benefits were paid in May. But experts say tax cuts in 2017 and increased spending have contributed to an unprecedented fiscal gap over the past eight months.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.