Finance

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.

Report: Prosecutors subpoena Trump inaugural committee

President Donald Trump during his swearing-in ceremony in 2017.
President Donald Trump during his swearing-in ceremony in 2017. Photo: Mandel Ngan/AFP/Getty Images

Federal prosecutors in New York have ordered President Trump’s inaugural committee to turn over documents relating to its donors, finances and event attendees, the New York Times reports, citing sources with knowledge of the investigation.

Details: The news was first reported by ABC News on Monday evening, which noted that specific details of the request remain unclear, and that the investigation — which comes as many observers have speculated that special counsel Robert Mueller is nearing to his Russia probe — is zooming in on Trump's political fundraising both before and after his 2016 presidential election.

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