Federal budget

U.S. budget deficit spikes 42% in first three months of fiscal year

Steve Mnuchin
Treasury Secretary Steve Mnuchin. Photo: Mandel Ngan/AFP via Getty Images

The U.S. budget deficit totaled $318.9 billion in the first quarter of the 2019 fiscal year, a 41.8% increase from the same period last year, according to data released by the Treasury Department.

Why it matters: The nonpartisan Congressional Budget Office projects that the deficit will keep growing and surpass $1 trillion by 2022, in part due to President Trump's tax cuts and increased government spending. Bloomberg's Katia Dmitrieva notes that the new deficit data "will likely fan concerns over America’s growing national debt," which surpassed $22 trillion for the first time this week.

GOP blocks resolution condemning use of shutdowns as negotiating tactic

Kevin McCarthy
House Minority Leader Kevin McCarthy. Photo: Aaron P. Bernstein via Getty Images

The House on Wednesday failed to pass a symbolic resolution that condemned the use of government shutdowns as a negotiating tactic, with Republicans blocking the measure from gaining the two-thirds support necessary to pass.

Details: As Roll Call notes, a two-thirds majority was required because Democrats brought the resolution under suspension of the rules, which is usually used to pass non-controversial measures. Democrats amended the resolution to strip out language that referenced President Trump's role in the recent 35-day shutdown, but Republicans nonetheless rejected it as a "political stunt" and a "glorified press release."

Go deeper: House approves 2.6% raise for federal workers after Trump freezes pay

More stories loading.