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The US budget deficit has grown by almost 40% since the beginning of the fiscal year

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The US budget deficit has grown by almost 40% since the beginning of the fiscal year
May 13
13:00 2019

According to the US Treasury, the budget surplus has fallen by 25% compared to the last year. In April 2018, it was equal to $ 214.2 billion, and in this April, the value of this indicator was $ 160.3 billion.

Compared to April last year, budget revenues have increased by almost 5% to $ 535.5 billion. Tax income from individuals has increased by 10%, from organizations – by 6%, customs fees have grown by almost 60%.

There is also a strong increase in costs. In 2018, this figure was 296.2 billion US dollars. This year, the value of this indicator has grown by 27% to $ 375.5 billion.

Since 2019 fiscal year, the budget deficit has increased by 38% to 530.8 billion US dollars. For comparison, over the first seven months of the last fiscal year, the deficit totaled $ 385.4 billion.

The amount of funds coming into the budget since the start of the fiscal year has increased to $ 2.04 trillion, i.e. by almost 2%. Tax revenues from individuals have grown by 2.5%. Customs fees have almost doubled to $ 40 billion. The reason is simple – increased import duties. Revenues from corporate taxes have fallen by almost 7% to $ 112.7 billion.

The growing deficit is in some way connected with the change in the dates of individual payments and income. Because of this, its increase was relatively small and amounted to 23%.

According to the Congress’s forecast in the current fiscal year, the budget deficit will amount to 897 billion US dollars or 4.2% of GDP.

The last budget surplus was recorded in 2001. And in 2009 there was a record large deficit – 1.41 trillion US dollars or 9.8% of GDP.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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