U.S. budget deficit jumps to $779 billion [View all]
Source: Marketwatch
The numbers: The U.S. recorded a $779 billion deficit in the fiscal year ending Sept. 30, an increase of $113 billion, as spending climbed while revenue remained nearly flat, the Treasury Department announced Monday.
Outlays grew by $127 billion, or 3.2%, while government receipts rose 0.4%, or $14 billion.
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What happened: Interest on the public debt shot up by $65 billion, or 14%, in part because the Treasury had to increase the principal on its inflation-protected securities. Rising interest rates and a bigger debt also played a role.
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On the revenue side, corporate taxes dropped by 22%, or $76 billion, as companies enjoyed a smaller rate of tax as well as the ability to immediately deduct the full value of equipment purchases, both byproducts of the Tax Cuts and Jobs Act. Individual income taxes edged up by 1%, or $23 billion, as increased employment and higher wages were offset by the lower withholdings, as the Treasury published a modified withholding table.
Read more: https://www.marketwatch.com/story/us-budget-deficit-jumps-to-779-billion-2018-10-15
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