Federal Deficit Jumps to Highest Rate in 6 Years
- 6 years ago
Federal Deficit Jumps to
Highest Rate in 6 Years The White House blamed the
$779 billion deficit on
government spending. Mick Mulvaney, White House budget director, via NPR Government spending
rose 3% during the
just-ended fiscal year. Senate Republican
leader Mitch McConnell
blamed the deficit on Social
Security, Medicare and Medicaid. Top Senate Democrat
Chuck Schumer responded
that the rising deficit was the result
of Republicans' "tax cut for the rich." Republican led lawmakers
recently voted to cut the
corporate tax rate from 35% to 21%. Maya MacGuineas, Committee for a Responsible Federal Budget, via NPR Historically, the deficit balloons
during a recession and shrinks
during a robust economy. The last time U.S.
unemployment was at its
current low was in 1969.
Highest Rate in 6 Years The White House blamed the
$779 billion deficit on
government spending. Mick Mulvaney, White House budget director, via NPR Government spending
rose 3% during the
just-ended fiscal year. Senate Republican
leader Mitch McConnell
blamed the deficit on Social
Security, Medicare and Medicaid. Top Senate Democrat
Chuck Schumer responded
that the rising deficit was the result
of Republicans' "tax cut for the rich." Republican led lawmakers
recently voted to cut the
corporate tax rate from 35% to 21%. Maya MacGuineas, Committee for a Responsible Federal Budget, via NPR Historically, the deficit balloons
during a recession and shrinks
during a robust economy. The last time U.S.
unemployment was at its
current low was in 1969.