Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Chris Kleponis/Pool via Getty Images
The U.S. national deficit grew by 20% ($75 billion) over the past year, according to the latest report by the Congressional Budget Office, partially due to Trump's tax cuts as well as increased national spending.
Between the lines: Axios' Jonathan Swan has reported that there has been an ongoing tussle between debt-loving President Trump and his penny-pinching Budget Director Mick Mulvaney. Mulvaney has been privately pushing Trump to get more aggressive about cutting spending, but debt and deficits have, so far, only ballooned under Trump.
By the numbers:
- Spending is up by $143 billion (4%) from last year.
- 2018 saw a $66-billion drop in corporate taxes, largely due to Trump's newest tax policy, according to the CBO.
- Revenue from individual income taxes, however, grew more than expected because of economic growth and wage increases, according to the CBO. But the growth was not nearly enough to compensate for increased spending.
- The deficit, which is now at $685 billion, is expected to reach $793 billion by the end of the year and come close to $1 trillion next year.