Oct 21, 2018

Trump's growing deficit

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Data: Factset; Chart: Naema Ahmed/Axios

The most recent U.S. government fiscal year just ended. The budget deficit grew by 17% from the previous year, thanks to Trump's tax cuts.

By the numbers: If you look at the breakdown of Treasury receipts in fiscal 2018, almost every category went up, year-on-year. Individual income tax receipts, for instance, rose by 6%, or $96 billion.

  • The exception: Corporate income taxes. They totaled $297 billion in fiscal 2017, and just $205 billion in fiscal 2018. That's a decline of $92 billion, or 31%.

Trump is acting true to history. Every Republican president since Reagan has left office with a budget deficit higher than the one he inherited. Clinton and Obama, by contrast, left office with smaller deficits.

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Despite Trump, Congress boosts clean energy funding

Congress is set to pass a budget doubling down on a years-long trend of increasing clean-energy funding, despite President Trump's repeated attempts to cut spending.

Driving the news: The spending bill the House passed on Tuesday would increase energy research spending nearly 14% compared to this year’s levels and more than 50% compared to 2014.

Go deeperArrowDec 18, 2019

Trump signs $1.37 trillion spending deal, averting federal shutdown

President Trump on Dec. 19. Photo: Brendan Smialowski/AFP via Getty Images

President Trump on Friday evening signed a $1.37 trillion spending measure to avoid a government shutdown, according to CNBC.

Why it matters: Unlike last year, when the U.S. government shut down for 35 days from December through January, Trump was willing to accept less funding than he originally requested for the U.S.-Mexico border. He wanted $8 billion for the wall, but Congress only fulfilled $1.375 billion for fence construction, according to NPR.

Go deeperArrowDec 21, 2019

Global box office hits record at $42 billion

Box office at Regal South Beach. Photo: Jeff Greenberg/UIG via Getty Images.

The global box office hit an all-time high of more than $42 billion, according to numbers released Friday by Comscore.

Why it matters: That success can be attributed to monster growth in movie-going overseas. The international box office was up 4% in revenue last year, while the North America box office was down 4% from its record high of $11.88 billion in 2018.

Go deeperArrowJan 10, 2020