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Federal Deficit Jumps to Highest Rate in 6 Years

Federal Deficit Jumps to Highest Rate in 6 Years The White House blamed the $779 billion deficit on government spending. Mick Mulvaney, White House budget director, via NPR Government spending rose 3% during the just-ended fiscal year. Senate Republican leader Mitch McConnell blamed the deficit on Social Security, Medicare and Medicaid. Top Senate Democrat Chuck Schumer responded that the rising deficit was the result of Republicans' "tax cut for the rich." Republican led lawmakers recently voted to cut the corporate tax rate from 35% to 21%. Maya MacGuineas, Committee for a Responsible Federal Budget, via NPR Historically, the deficit balloons during a recession and shrinks during a robust economy. The last time U.S. unemployment was at its current low was in 1969.

Source: Inform News

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