WSJ: US Budget Deficit Grew 25%

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US Budget Deficit Grew 25% in First Four Months of Fiscal 2020, Treasury Says

The federal budget deficit grew 25% in the first four months of the fiscal year, as government spending continued to outpace rising federal tax receipts. The US budget gap totaled $389bn from October through January, compared with $310bn the prior year, the Treasury Department said.

Why This Matters: Deficits typically narrow when the economy is strong, as rising household income and corporate profits bolster government revenue, and spending on safety-net programs such as unemployment insurance declines.

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