U.S. Posts The Biggest Monthly Budget Deficit In American History

Trump railed against debt during his campaign, vowed to balance budget.

 By Mary Papenfuss

March 25, 2019 "Information Clearing House" - February’s federal budget deficit was the largest on record, according to figures released by the Treasury Department on Friday. President Donald Trump promised during his campaign that he would balance the budget in eight years.

The total debt surpassed $22 trillion for the first time ever in February — $2 trillion higher than when Trump took office.

The massive shortfall is being attributed to a 20 percent drop in corporate revenue and increased federal spending. The Trump administration slashed corporate taxes in his new 2017 tax law from 35 percent to 21 percent. Trump’s tax-cut package cost the government $1.5 trillion.

“When you pass the most irresponsible tax cut followed by the most irresponsible spending increase, unsurprisingly it leads to the largest deficit numbers,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, told The Washington Post. “Predictably, that’s exactly where we landed.”
   

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