The total deficit for the four month period was $310 billion, Treasury said.
By Damian Paletta Damian Paletta Reporter covering economic policy Email Bio Follow March 5 at 2:02 PM The federal budget deficit ballooned rapidly in the first four months of the fiscal year amid falling tax revenue and higher spending, the Treasury Department said Tuesday, posing a new challenge for the White House and Congress and they prepare for a number of budget battles.
The government is collecting less money in taxes and spending more money that it did a year ago, in part because of policy decisions that the White House and lawmakers embraced in recent years. Spending, meanwhile, increased 9 percent over the same period according to the new Treasury Department data.
The White House next week is expected to propose a new budget plan for the fiscal year that begins in October, and Democrats are working on spending plans of their own. So far, there has been little effort to reconcile differences between both parties, and neither has shown much interest in addressing the widening budget deficit.
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