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U.S. Debt: Is It the Calm Before the Storm?
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U.S. Debt: Is It the Calm Before the Storm?

Knowledge at Wharton·@HashtagPLUS·about 1 month ago
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The U.S. national debt has crossed trillion — the highest ever. In the first four months of the 2019 fiscal year (October 2018-January 2019), the federal budget deficit ballooned to 0 billion, up 77% from the same time last year, as revenues fell 2% to .1 trillion and spending rose 9% to .4 trillion, according to a Treasury department report . That has been a trend building over the past year. In calendar 2018, the budget deficit grew to $873 billion, 28% over that of 2017. The culprit was lower tax revenues after the passage of the 2017 Tax Cuts and Jobs Act, a senior Treasury department official  told The Wall Street Journal  in January. That picture will worsen, the nonpartisan Congressional Budget Office (CBO) warned, projecting that the U.S. would add another $12.2 trillion in debt over the next decade to reach levels not seen since World War II in the 1940s.…

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