The budget deficit is being driven by the tax reform law supported by President Trump and the GOP as well as the bipartisan spending deal.
Supporters of republican presidential candidate former Massachusetts Gov. Mitt Romney stand next to a national debt clock during a rally at Exeter High School on January 8, 2012 in Exeter, New Hampshire.The US budget deficit hit $234 billion in the month of February, up 8.7% compared to the same month last year.
The deficit is growing as the GOP tax law slows revenue intake and the bipartisan budget deal drives up spending. The budget deficit for February came in at $234 billion, according to the Treasury, higher than the previous monthly record of $231.7 billion set in 2012. The deficit was also 8.7% higher than the $215.2 billion deficit posted in February 2018.
The deficit for the first five months of the government's 2019 fiscal year, which runs from October 2018 through October 2019, hit $544.2 billion — up 40% from the first five months of fiscal year 2018.Trump once promised to eliminate the national debt in 8 years — but his new budget shows the president is going in the opposite direction»
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