{"id":90,"date":"2011-12-24T18:07:51","date_gmt":"2011-12-25T01:07:51","guid":{"rendered":"http:\/\/gashler.com\/nlc\/?p=90"},"modified":"2014-06-14T11:08:16","modified_gmt":"2014-06-14T18:08:16","slug":"u-s-bells-up-record-deficitof220-7bjhi0n-this-year","status":"publish","type":"post","link":"https:\/\/gashler.com\/nlc\/?p=90","title":{"rendered":"U.S. Rolls Up Record Deficit Of $220.7 Billion This Year"},"content":{"rendered":"

\"Click<\/a>By Tom Raum
\nAP Economics Writer<\/p>\n

WASHINGTON – The federal government amassed a record $220.7 billion deficit in the fiscal year that ended Sept. 30 despite\u00a0enactment of major deficit-reduction legislation. the Reagan administration reported Tuesday.<\/p>\n

The government took in $769.1 billion in receipts\u00a0and paid out $989.8 billion in expenditures, the Treasury Department and the White House Office of Management and Budget said in a join report.<\/p>\n

That produced an $8.8 billion increase in federal red ink\u00a0over the previous record deficit of $211.9 billion in fiscal year 1985.<\/p>\n

There have now been deficits in 25 of the past 26 years, \u00a0running up a total accumulated national debt of $2.2 trillion.<\/p>\n

Servicing that debt cost U.S. taxpayer’s $187.1 billion in fiscal 1986 another record and up from the $178.9 billion\u00a0in interest payments in previous year, the report said.<\/p>\n

Tuesday’s accounting contained the final\u00a0figures for the 1986 deficit. Parts of the report had been released previously.<\/p>\n

Although the local\u00a01966 deficit\u00a0represented\u00a0a 4.2 percent increase over the year before, it was still $9.5 billion below the $230.2 billion that the OMB had estimated for the year as recently as August.<\/p>\n

Economists in the government and private sector have predicted the deficit will come down in the fiscal year\u00a01987 – even without additional spending cuts by Congress – to the vicinity of $170 billion.<\/p>\n

The record 1986 deficit came despite enactment during the past fiscal\u00a0year of the Gramm-Rudman deficit reduction act and of nearly $12 billion in spending cuts made under it. The law calls for a balanced budget by 1991.<\/p>\n

A provision of the law triggering automatic spending cuts if Congress failed to meet increasingly stringent deficit targets specified by the new law was invalidated by the Supreme Court last summer.<\/p>\n

The Gramm-Rudman deficit target for the current fiscal year, 1987, is $144\u00a0billion.<\/p>\n

The Treasury Department OMB said the $9.5 billion\u00a0difference between the final figures\u00a0the and the August\u00a0estimates\u00a0came from $3.9 billion in higher revenues and $5.6 billion in lower outlays than previously projected.<\/p>\n

The higher revenues were due in part to larger-than-expected collections of\u00a0income taxes from corporations. Government analysts said this apparently was due to accelerated payments of 1986\u00a0liabilities resulting from business uncertainties about the recently enacted tax-overhaul bill.<\/p>\n

Another unexpected surge in revenues came from higher customs\u00a0receipts due an increase in imports.<\/p>\n

The lower spending figures reflected less-than-anticipated spending on international monetary programs,\u00a0the Rural Electrification\u00a0Administration and the Farmers Home Administration, the joint Treasury-OMB statement said.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Tom Raum AP Economics Writer WASHINGTON – The federal government amassed a record $220.7 billion deficit in the fiscal year that ended Sept. 30 despite\u00a0enactment of major deficit-reduction legislation. the Reagan administration reported Tuesday. The government took in $769.1 billion in receipts\u00a0and paid out $989.8 billion in expenditures, the Treasury Department and the White… Continue reading U.S. Rolls Up Record Deficit Of $220.7 Billion This Year<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8,49,27],"tags":[],"_links":{"self":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts\/90"}],"collection":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=90"}],"version-history":[{"count":0,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts\/90\/revisions"}],"wp:attachment":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=90"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=90"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=90"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}