The US federal budget deficit jumped to $ 779 billion in the fiscal year 2018 ending in last September, the highest level since 2012, amid tax cuts and increased spending, according to the US Treasury Department.
Treasury data showed the US budget deficit rose to $ 779 billion, an increase of $ 113 billion, or 17 percent, compared with the previous financial period ending in September 2017. Federal revenues rose slightly by $ 14 billion in the fiscal year 2018, while expenditures rose 3.2% to $ 127 billion dollars.
The rise in spending came as public debt increased by 14 percent, social security by 4 percent and spending on defense increased by about 6 percent. The government budget recorded a surplus of $ 119.1 billion last September, compared to a deficit of $ 7.8 billion during the same period of 2017.
Source: (CNBC Arabic site, edited)
