US deficit grows to $666b

AFP, WASHINGTON: The US budget deficit grew to $666 billion in just-ended fiscal year 2017, according to official data released Friday, after lawmakers took a step toward enacting $1.5 trillion in tax cuts.

The deficit climbed 13.6 per cent from a year ago, or by $80 billion, with much of the nearly $4 trillion the US government spent last year associated with caring for the country’s ageing population.

The deficit now accounts for 3.5 per cent of gross domestic product (GDP), up from 3.2 per cent in 2016.

“Growth in spending outpaced growth in tax receipts for the second year in a row as a result of historically subpar economic growth,” the Treasury Department said.

But the deficit came in $36 billion lower than forecast halfway through the fiscal year, which ended September 30, officials said.

“Today’s budget results underscore the importance of achieving robust and sustained economic growth.

US deficit grows to $666b

AFP, WASHINGTON: The US budget deficit grew to $666 billion in just-ended fiscal year 2017, according to official data released Friday, after lawmakers took a step toward enacting $1.5 trillion in tax cuts. The deficit climbed 13.6 per cent from a year ago, or by $80 billion, with much of the nearly $4 trillion the US government spent last year associated with caring for the countrys ageing population. The deficit now accounts for 3.5 per cent of gross domestic product (GDP), up from 3.2 per cent in 2016. Growth in spending outpaced growth in tax receipts for the second year in a row as a result of historically subpar economic growth, the Treasury Department said. But the deficit came in $36 billion lower than forecast halfway through the fiscal year, which ended September 30, officials said. Todays budget results underscore the importance of achieving robust and sustained economic growth.