US govt budget deficit rises to $US587bn

The US government ran a $US587 billion budget deficit for the just-completed fiscal year, 34 per cent up from last year.

The US government says it ran a $US587 billion ($A772 billion) budget deficit for the just-completed fiscal year, a 34 per cent spike over last year after significant improvement from the record deficits of President Barack Obama's first years in office.

The deficit news, while sobering, does not appear bad enough to jolt a gridlocked Washington into action to stem the flow of red ink.

And in the presidential campaign, intractable budget deficits and growing debt have been mostly neglected by Democrat Hillary Clinton and Republican Donald Trump.

The latest figures show that the government is borrowing 15 cents of every dollar it spends. Government spending went up almost 5 per cent to $US3.9 trillion in fiscal 2016, but revenues stayed flat at $US3.3 trillion.


Share

1 min read

Published

Source: AAP



Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world