New York faces a $2.3 billion shortfall in revenue after December and January witnessed a steep drop in income tax collections, Gov. Andrew Cuomo (D.) and state Comptroller Tom DiNapoli announced on Monday.
President Donald Trump announced on Thursday that civilian federal employees will not receive a pay raise in fiscal year 2019 in order to “put our Nation on a fiscally sustainable course.”
The federal government collected $2.74 trillion in taxes in the first 10 months of fiscal year 2017, but the federal government still ran a $566 billion deficit during that time, according to the latest monthly Treasury Department statement.
President Donald Trump’s proposed budget for 2018 would reduce the deficit over the next decade by $160 billion and increase GDP at the same time, according to an analysis from the Congressional Budget Office.
The Treasury is set to run out of cash in October, which may lead to a default on debt obligations or payment delays for government programs, according to a report from the Congressional Budget Office.
The federal government collected approximately $2.17 trillion in taxes in the first eight months of fiscal year 2017, but the federal government still ran a $432 billion deficit during that time, according to the latest monthly Treasury Department statement.
Repealing the Affordable Care Act could reduce the deficit by as much as $1.07 trillion, according to a report from the Mercatus Center.
The annual federal budget deficit is larger than expected and is now projected to reach $590 billion, according to estimates from the Congressional Budget Office.
