U.S. Posts Its Largest Budget Deficit Since 2013
- Deficit widened to $665.7 billion in the 2017 fiscal year
- Mnuchin, Mulvaney blamed weaker receipts on ‘sub-par’ growth
Deficit Puts U.S. in Jeopardy, Warns Robert Hormats
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The U.S. posted its largest budget deficit since 2013 in the fiscal year that just ended, as a pickup in spending exceeded revenue gains.
The federal government’s gap grew to $665.7 billion in the 12 months through Sept. 30, compared with a $585.6 billion shortfall in fiscal 2016, the Treasury Department said Friday in a report released in Washington. That was in line with the Congressional Budget Office’s estimate of $668 billion.