Bloomberg: U.S. posts biggest budget deficit since 2012

    Bloomberg: U.S. posts biggest budget deficit since 2012


    Bloomberg writer Sarah McGregor is reporting that the U.S. Treasury claimed a $215 billion budget deficit in February, the biggest such claim in six years.

    From the article:

    “The data underscore concerns by some economists that Republican tax cuts enacted this year could increase the U.S. government debt load, which has surpassed $20 trillion. The tax changes are expected to reduce federal revenue by more than $1 trillion over the next decade, while a $300 billion spending deal reached by Congress in February could push the deficit higher.”

    President Trump proposed extending g-fees in order to help make up budgetary shortfalls in the past.

    That spending plan asks Congress to raise the fees the mortgage guarantors charge to back payments on mortgage-backed securities, according to an article by Joe Light for Bloomberg, published last month. The proposal would raise these guarantee fees by 0.1 percentage point and reduce the federal budget deficit by $25.7 billion over the next decade.

    As for the current report, Nick Timiraos, economics correspondent for the Wall Street Journal, sent out this tweet in relation to the topic.