The U.S. annual budget deficit totaled $625 billion during the first five months of the current federal fiscal year, a 15-percent rise compared to the same period in the previous year.
Federal spending was up 9 percent during the period, while government revenue increased 7 percent.
The rising deficit has resulted from increased spending on the military, health care, and Social Security, while the strong revenue gains promised in 2017’s tax cuts have failed to materialize.
The government has forecast a $1.08 trillion deficit this year, expanding from $984 billion last year.
TRENDPOST: Government deficits, be they in America or around the world, are no longer considered detrimental to a nation’s economy or its currency. As the “Greatest Depression” drags economies lower and currencies grow weaker, however, the implications will be recognized and gold prices will continue to spike to new highs.
