Deteriorating Deficit

In FY2017, the federal deficit widened to $666 billion or 3.5% of GDP, up from $586 billion or 3.2% of GDP in FY2016. The deficit has averaged 3.1% over the last 40 years. While receipts rose to $3.315 trillion, up from $3.267 trillion in FY2016, expenditures hit $3.981 trillion or 20.7% of GDP, up from $3.852 trillion. A rising deficit this late in a recovery is troubling.