Busted Budget

During the first nine months of FY2019, the deficit rose $140 billion, or 23.1%, to $747.1 billion. Meanwhile, revenues totaled $2.61 trillion, up 3%, while spending hit $3.36 trillion, up 7%, both record highs. The jump in receipts included a 78% increase in duties to $52 billion, due primarily to rising tariffs on Chinese imports. The FY2019 deficit is expected to be between $900 billion and $1 trillion; irresponsibly large.