Treasury Secretary Steven Mnuchin and Mick Mulvaney, director of the Office of Management and Budget, have issued a joint statement saying the federal budget deficit reached $779B in fiscal 2018, about $113B higher than the shortfall recorded in the previous fiscal year.
The FY 2018 deficit was equivalent to 3.9 percent of the U.S. gross domestic product and $70B less than the projected shortfall in the Mid-Session Review for FY 2019, according to the statement published Monday.
Total receipts associated with individual and corporate income taxes, social insurance and retirement receipts, excise taxes, miscellaneous and customs duties increased by 0.4 percent to $3.33T in FY 2018.
FY 2018 total outlays hit $4.1T, about $127B higher than the outlays recorded in FY 2017 and $63.3B lower than MSR’s estimate.
The document listed the expenditures at several agencies in the previous fiscal year with the Department of Health and Human Services landing the top spot at $1.12T, followed by the Treasury at $629.B and the Defense Department at $600.7B.
Mnuchin and Mulvaney reported that the U.S. has created more than 4M jobs since the start of the new administration, while real wage compensation and real median household income rose by 1.4 percent and 1.8 percent, respectively.