The national government reported a 146.9 billion deficit in March, causing yearly debt to rise 15% to the first half of this budget year in contrast to the same period in 2018.
Even the Treasury Department said in its yearly report that the year deficit has totaled $691 billion, up from nearly $600 billion. The Treasury Department anticipates that the deficit will exceed $1 trillion if the financial year ends in September.
Tax receipts are running marginally higher than a year as more Americans have been working and paying taxes. But the tax cuts have meant the 10 billion increase in receipts has failed to keep pace with a roughly $100 billion increase in government costs.
But as the budget deficit has increased, interest rates have remained relatively low in a sign that investors are comfortable with all the borrowing.