Date: 6 months ago   Category: Financial

The budget deficit of the USA reached a record in six years


Expenses of the budget of the USA grew by 3% – to 4,1 trillion dollars. Growth was caused by increase in interest payments on a national debt, costs of social security and military expenses. In 2018 the budget deficit of the USA reached a point, record for the last six years. For the end of financial year on September 30 it made 779 billion dollars. It for 113 billion dollars, or 17% is, more, than in 2017. It is said in the statement of the U.S. Department of the Treasury published on Monday, October 15. In relation to GDP the deficiency increased by 0,4% – from 3,5% to 3,9% of GDP. In particular, expenses of the federal budget grew by 3% – to 4,1 trillion dollars. Growth was caused by increase in interest payments on a national debt for 14% (for $65 billion) and also costs of social security of 4% (for $39 billion) in connection with aging of the population. Military expenses grew by 6% (for $32 billion). At the same time expenses for education – most significantly decreased by 43% (for $48 billion). Earlier it became known that GDP of the USA grew to a maximum in four years – for 4,2% in terms of annual rates. Rates of economic recovery in the USA are maximum from the third quarter 2014. Let's remind, the U.S. President Donald Trump promised Americans "a new economic miracle". According to him if there were no hurricanes, then last year the economy would grow even stronger. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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