The U.S. recorded a $215 billion budget deficit last month - the largest deficit since 2012. This staggering amount was a result of declining revenue.
According to the Treasury Department, fiscal income declined to $156 billion, down 9% from just a year ago. Spending during the same period was up 2% to $371 billion. The deficit for the fiscal year, which began in October, had grown to $391 billion, compared with a $351 billion shortfall from the same period last year.
The information coming from the Treasury Department harkens to the concerns by economists the the recent tax cuts this year could increase government debt, which surpassed $20.5 trillion. The tax cuts are expected to further diminish federal revenue by more than $1 trillion over the next decade. At the same time, the $300 billion spending bill passed by Congress could push the deficit even further.