US Budget Deficit Nearly Doubles in August: Treasury Dept Cites Holiday Schedule
Mike Mish Shedlock
The Monthly Treasury Report does not look pretty.
The US government ran a $214 billion budget deficit in August of 2018 compared with a $107.7 billion budget deficit in August 2017. The report shows a 30% rise in outlays.
Monthly Receipts vs. Outlays
Receipts by Source, Outlays by Function
> Outlays for Military active duty and retirement, Veterans' benefits, Supplementary Social Security Income, and Medicare payments to Health Maintenance Organizations and prescription drug plans accelerated into August, because September 1, 2018, the normal payment date, fell on a non-business day. Social Security benefits also accelerated into August since September 3, 2018, the normal payment date, fell on a holiday
Excuses or not, things are ugly. Deficits and the national debt both are up.
Gross Public Debt
Curiously, Trump proposed using tariffs to reduce the national debt. The idea is downright laughable.
For discussion of Trump's plan and a look at why debt nearly always rises more than the deficit projects, please see Exploring Trump's Claim of Using Tariffs to Pay Down $21 Trillion in Debt.
Mike "Mish" Shedlock