Apr 13, 2016 08:03 AM EDT
The US government faced a steady increase in March budget scarcity, leading to a higher deficit in the first half year period compared to the previous year period. The budget deficit doubled to $108.0 billion in March 2016, marking the highest March deficit since four years, according to the US Treasury report.
The increase was mainly due to the calendar shifts that pushed a $36 billion payment benefit into February, making deficit in 2015 smaller than the present scarcity.
The budget deficit for the first half of 2016 amounted to $461.0 billion, up 4.9% from the corresponding period in 2015. Meanwhile, the Congress is expecting a bigger deficit for 2016. The Congress expects 2016 budget deficit to be $534 billion, up 21.9% from a deficit of $439 billion in the previous year. The budget deficit in 2015 marked the lowest in eight years, The Washington Post.
Currently, government receipts value $1.476 trillion, an increase of 4% from the previous year period. While the government expenditure during the first half increased 4.2% to $1.937 trillion from the previous year period. According to the CBO, the government must reform expenditure and tax policies in order to halt the increase in the deficit, which would reach $1 trillion annually from 2022. The CBO expects the deficit to reach $9.3 trillion annually in the following decade.
The retirement of baby boomers in the next few years will cause a rise in expenses associated with their Medicare and Social Security, leading to a deficit growth in the next decade. The congress agreed to a budget structure in December, which boosted government expenditure by $1.14 trillion in 2016 and also provided a tax reduction of $680 billion in the following decade.
The US has reduced its military budget by 25% in the past five years, according to reports. Meanwhile, Donald Trump, a Republican candidate for the US presidential election, condemned the US defence back up for several nations like South Korea, Japan, Saudi Arabia and Germany.
In 2014, the net US military expenditure amounted to nearly $3.8 trillion, including a 0.9% of US help to foreign nations and a 0.16% of training and military aid to the foreign military. The US provided a very minute monetary assistance to foreign military, offering just $10,000 to Saudi Arabia in 2014, while Saudi Arabia brought over $2 billion of military construction and tool services in 2016, as reported byFACTCHECK.
According to MarketWatch, March spending increased 17% to $336 billion from the corresponding period in 2015, with higher expenses in areas of Medicare, defence programs, and other related costs. Net receipts during March totalled $228 billion, down 3% from March 2015. Individual earnings and workforce taxes dropped by 1% in March 2016, while business tax receipts declined by 2%.
The country's fiscal year starts from October to September. The US is attempting to lower its budget scarcity amid serious global challenges.
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