“The federal government is running up its credit bill again.
The deficit rose to $779 billion in fiscal year 2018, up 17% from last year, according to final figures released Monday by the Treasury Department. That’s the largest number since 2012, when the country was still spending massively to stimulate an economy struggling to recover.
Government receipts were flat this year from last year. Corporate tax collections fell $76 billion, or 22%, due to the Republican-backed tax cut. But that drop was more than offset by increased revenues from individual and self-employment taxes. The fiscal year ended September 30.”
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