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CBO: Federal Budget Deficit Rises to $668 Billion

CBO: Federal Budget Deficit Rises to $668 Billion

ANDREW TAYLOR, Associated Press
October 07, 2017 09:12 AM

WASHINGTON (AP) - The federal government ran a $668 billion budget deficit for the just-completed 2017 fiscal year. That's $82 billion more red ink than the government produced last year.

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The Congressional Budget Office based its findings on preliminary Treasury reports.

The worsening deficit picture comes as Congress digs into its pockets for tens of billions of dollars more for hurricane relief. Lawmakers are also working toward a round of tax cuts that could add $1.5 trillion in debt over 10 years on top of already grim projections.

Washington isn't focusing much on the deficit these days, following the lead of President Donald Trump. The president has ruled out cuts to big benefit programs that drive the deficit's growth.

Treasury will issue the official deficit figures in a week or two.


Credits

ANDREW TAYLOR, Associated Press

Copyright 2017 The Associated Press. All rights reserved.

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