federal deficit

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Economy

Common economic myths, debunked

5:23pm June 04, 2024

Maybe you've heard these things on social media, in the news, and take them as fact: More than half of the adults in the US live paycheck to paycheck, the trade deficit is always bad, and making the super wealthy pay their fair share will fix everything. Well, the truth isn't so simple. Today on the show: economic mythbusting. We take three factoids about the American economy and run them through the fact checkers.

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The U.S. Treasury ran a surplus in April, as tax payments jumped by 22% from a year ago. The federal government is still on track to run a deficit of more than $1.5 trillion this year.

Tax revenue jumps 22% in April, but U.S. deficit still looms large

5:24pm May 10, 2024

by Scott Horsley

The U.S. Treasury ran a surplus last month, thanks in part to the April 15th tax deadline. But the federal government is still expected to end the year more than $1.5 trillion in the red.

The U.S. budget deficit ballooned in the first nine months of its fiscal year, both because of a sharp increase in government spending and a significant drop in tax revenues.

The federal deficit nearly tripled, raising concern about the country's finances

5:59pm July 13, 2023

by Scott Horsley

The federal government's budget gap widened significantly in the first nine months of the fiscal year, as tax receipts slumped and spending increased.

Sheets of one-dollar bills run through the printing press at the Bureau of Engraving and Printing in 2015 in Washington, D.C. Congressional forecasters projected the federal deficit this fiscal year will hit its highest since World War II.

Federal Budget Deficit Expected To Hit Second Largest Since World War II

2:55pm February 11, 2021

by Scott Horsley

Congressional forecasters expect the federal deficit will hit the second largest in decades, even without factoring in President Biden's proposed $1.9 trillion coronavirus relief plan.

Sheets of $1 bills run through the printing press in 2015 at the U.S. Bureau of Engraving and Printing in Washington, D.C. National debt is expected to reach an all-time high of 107% of gross domestic product in 2023.

Economy

U.S. To Owe More Than The Size Of Its Economy For The 1st Time In 75 Years

6:31pm September 02, 2020

by Scott Horsley

Congressional forecasters expect the federal deficit to reach $3.3 trillion during the current fiscal year. By 2023, government debt will reach an all-time high of 107% of GDP.

With three months left in the government's fiscal year, the U.S. federal deficit is already nearly twice as large as the previous record, which was set in 2009 during the Great Recession.

Red Ink Overflowing: In June, U.S. Borrowed A Typical Year's Worth

5:33pm July 13, 2020

by Scott Horsley

The federal deficit is ballooning as the government tries to cushion the blow from the coronavirus pandemic. June's shortfall totals $864 billion — more than in an entire typical year.

Treasury Secretary Steven Mnuchin speaks about the coronavirus at the White House on March 25. The Treasury said Monday it expects to borrow nearly $3 trillion in the April-June quarter.

Politics & Government

U.S. Treasury To Borrow $3 Trillion In 3 Months To Pay For Pandemic

6:04pm May 04, 2020

by Scott Horsley

In a single quarter, the government will borrow more than twice as much as it did all of last year, as the cost of the coronavirus pandemic dwarfs previous deficits.

The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion.

The U.S. Was Already Deep In Debt. This Year's Deficit Will Be 'Mind-Boggling'

8:11pm March 30, 2020

by Jim Zarroli

The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion. Such huge levels of deficit spending used to set off alarm bells in Washington, but no more.

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President Trump's proposed budget projects federal deficits until 2035.

Whither The Deficit Hawk: Changing Attitudes On Budget Red Ink Among The GOP

5:41pm February 11, 2020

by Audie Cornish

William Hoagland, who for years helped shape GOP budget policy, says the public just doesn't see rising deficits as a major issue at a time when the economy is doing well.

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President Trump prepares to sign the tax legislation in the Oval Office on Dec. 22, 2017. The GOP tax cut did not pay for itself, as promised, nor did it deliver a sustained boost to economic growth.

After 2 Years, Trump Tax Cuts Have Failed To Deliver On GOP's Promises

4:42pm December 20, 2019

by Scott Horsley

The president said it would be "rocket fuel for our economy," but the Republican tax cut passed in 2017 did not pay for itself as promised — nor did it deliver a sustained boost to growth.