Oct 15, 2018

U.S. budget deficit grew by $113 billion in fiscal year 2018

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The U.S. budget deficit grew by $113 billion in fiscal year 2018, driven by tax cuts and increased federal spending on defense, Medicaid, Social Security and disaster relief, reports CNBC.

The big picture: The total deficit for FY 2018 came in at $779 billion, or 3.9% of U.S. GDP, and was the largest of any year since 2012. In a statement, Office of Management and Budget Director Mick Mulvaney said that "America's booming economy will create increased government revenues," but warned that Congress should be wary of the "dire consequences" of irresponsible spending.

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  2. U.S.: Total confirmed cases as of 1 p.m. ET: 312,762 — Total deaths: 9.132 — Total recoveries: 15,044Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. Surgeon general says this week will be "our Pearl Harbor, our 9/11 moment."
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. Biden says DNC may have to hold virtual convention.
  5. States updates: New York Gov. Andrew Cuomo said the state "literally going day-to-day" with supplies.
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