![]() ![]() Januarys deficit brings the total deficit so far this fiscal year to $388 billion, which is 25% higher than the same period last year. Januarys deficit is a $40 billion change from the $9 billion surplus recorded a year earlier in January 2019. The Congressional Budget Office reported that the federal government generated a $32 billion deficit in January, the fourth month of fiscal year 2020. Read Also: Chapter 13 Bankruptcy Arizona Why The Budget Deficit Matters The deficit reached a record $458 billion in 2008, Bush’s last year in office, and would triple the following year as the Bush and Obama administrations faced the Global Financial Crisis. He pushed through significant tax cuts and oversaw an increase in spending, and the combination again drove the U.S. Bush cited the Clinton surplus as evidence that taxes were too high. When he took office in 2001, President George W. will stop doing this, measures can be taken in other areas to decrease the national debt. bonds to fund their own countries, and it has become a way of life for governments around the world. ![]() can take measures to pay off its debt through budget surpluses. Can The Us Pay Off Its DebtĪs budget deficits are one of the factors that contribute to the national debt, the U.S. This increase is indicative of a strengthening economy, with a steady inflow of individual income and payroll taxes from higher total wages and salaries, and corporate taxes from larger corporate profits, the latter of which increased 76% year-over-year. Growth in federal revenues remains robust, increasing 17% compared to the same 10-month period in FY2020. ![]()
0 Comments
Leave a Reply. |