The United States government reported a $100 billion deficit at the end of October, as announced by the U.S. Department of Treasury.
The deficit climbed to almost $40 billion more than at the end of October 2017, when the deficit was at $63 billion. The U.S. government spent $353 billion last month while bringing in $253 billion.
According to the Treasury Department, the government spent $84 billion on Social Security, $69 billion on defense and $53 billion on Medicare. Last month was the beginning of FY 2019. The end of FY 2018 marked the end of the first full fiscal year of Donald Trump’s presidency. The budget gap grew to $779 billion, the highest level since 2012, according to Bloomberg.
The annual budget deficit finished at $782 billion at the end of FY 2018, according to the Congressional Budget Office. They project that the budget deficit at the end of FY 2019 will come in just shy of $1 trillion, in the amount of $981 billion.
The government totaled $253 billion in receipts last month. This includes $129 billion in individual income taxes, $87 billion in social insurance and retirement, $15 billion in excise taxes and $8 billion in corporate taxes.
President Trump signed an $854 billion spending bill on Sep. 28 that keeps the government open until Dec. 7. The package was called a “minibus,” multiple spending bills grouped together. The package included funding for the Department of Defense, Department of Labor, Department of Health and Human Services and the Department of Education for FY 2019. A continuing resolution was attached for areas of the government that had not yet received approved funding.
The Defense bill in the package amounts to $674 billion, as the department received full funding on time for the first time in over a decade. Labor and Health and Human Services received $180 billion in funding.
One area of government that needs to be funded ahead of the Dec. 7 deadline is the Department of Homeland Security. The president has remained adamant about receiving the necessary funding to erect a wall along the U.S border with Mexico. Other areas of government that still need to be funded include the Department of Commerce, Department of Transportation, Department of Housing and Urban Development and the State Department.
* Mike Ursery is a sports writer and regular news contributor for Think-Liberty.com. He also hosts The Liberty Ginger Podcast.
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