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U.S. Budget Deficit Swells to $898 Billion, Topping Forecast

  • Deficit in first 11 months of FY rises by a third vs year ago
  • Federal spending rose by 7%, outpacing revenue gains of 1%
Democratic Leadership Holds News Conference On Health Effects Of Separating Families
Photographer: Al Drago/Bloomberg

The U.S. budget deficit widened to $898 billion in the 11 months through August, exceeding the Congressional Budget Office’s forecast for the first full fiscal year under the Trump presidency.

The budget deficit rose by a third in the October to August period from $674 billion in the same timeframe a year earlier, the Treasury Department said in a statement on Thursday. Spending rose by 7 percent to $3.88 trillion, outpacing revenue gains of 1 percent to $2.99 trillion. Revenue from corporations fell to $163 billion, down by $71 billion from a year ago.