OREANDA-NEWSThe US budget deficit for 10 months of fiscal year 2019 (started on October 1, 2018) exceeded the overall figure for the entire previous fiscal year, follows from a report released on Monday by the US Treasury.

According to the results of the last fiscal year, the largest budget deficit since 2012 was recorded in the USA - almost $ 779 billion. Since the beginning of this fiscal year, the deficit has already exceeded $ 866.8 billion. Thus, the budget deficit for the first 10 months of fiscal 2019 was 27 % is higher than for the same period last year, and also 11% higher than the deficit for the entire 2018 fiscal year.

From October to July, federal budget revenues increased by 3% compared to the same period last financial year, while expenses increased by 8%. However, the duties imposed by the American administration almost doubled in revenue from customs duties - they amounted to about $ 57 billion. July 30, US President Donald Trump said that in the future he plans to necessarily reduce the country's defense budget.

Earlier it was reported that US government debt exceeded 22 trillion dollars - this is the highest level in the history of the country. Under Trump, growth is at a record pace - a trillion a year. American economists note that the process will gain momentum, as government spending isn't controlled in any way. During the 2016 election campaign, Republican candidate Trump assured: he will deal with huge debts and liquidate them within eight years.

To mitigate the deficit, Washington will have to borrow more money, and the debt burden risks becoming uncontrollable. Last summer, Republican Congressman Andy Biggs recalled that budget allocations shouldn't exceed $ 700 billion, and the current disproportionately high budget expenditures are fuel for a flaring "debt fire".