US budget deficit blasts past $1 trillion in August

Donald Trump has long touted as proof he is winning the trade war with China. US deficit in the 11 months thro
12 Sep, 2019
  • Donald Trump has long touted as proof he is winning the trade war with China.
  • US deficit in the 11 months through August topped $1 trillion.
  • Total outlays increased seven percent compared to a year ago, passing $4.15 trillion.

One standout item in the government books was the surge in tariffs collected compared to last year -- something President Donald Trump has long touted as proof he is winning the trade war with China, even though the duties are paid by American companies.

The US deficit in the 11 months through August topped $1 trillion, 19 percent higher than the same period of the previous year, as spending increased by more than double the rate of income, according to the monthly report.

The US fiscal year used for budgeting ends September 30.

Customs duties going into government coffers surged 73 percent to $66 billion, however Trump has imposed a new round of tariffs on Chinese goods that are set to hit on September 1.

Total revenues were up three percent in the fiscal year-to-date, at over $3 trillion, but total outlays increased seven percent compared to a year ago, passing $4.15 trillion.

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