Deputy Prime Minister Somkid Jatusripitak, who also attended the budget meeting with senior government officials, said the budget deficit is not expected to have an impact on public debt to GDP which would still remain at around 45 percent. Bangkok. The 2018 numbers do not reflect a full year of effects from the Trump tax cuts, which also included cuts for individuals and owners of so-called pass-through corporations. The government expects about 114 billion baht from an extra budget announced late last year to be approved and disbursed before the end of this month, officials said. ALL RIGHTS RESERVERD, NEWS- Thai officials have said they expect the deficit for fiscal 2017 to reach around 580 billion baht after initially forecasting a 390 billion baht deficit and then announcing new investment projects. That's not the real story," Mnuchin told CNN. The Treasury Department today released a fiscal year-end report showing that the deficit for FY 2018 increased to $779 billion, a $113 billion (or 17 percent) increase from FY 2017. A budget deficit is … Outside analysts disagreed. The Committee for a Responsible Federal Budget, a think tank that warns of the dangers of rising debt levels, said the deficit could reach $1 trillion as soon as next year. That's the largest number since 2012, when the country was still spending massively to stimulate an economy struggling to recover. This revenue growth rate is the eighth lowest in the past 50 years, and the seven lower years either coincided with a recession or tax cuts/expiring tax increases enacted shortly after a recession. Other deficit increasing legislation in FY 2018 added $32 billion to the 2018 deficit. Corporate tax collections fell $76 billion, or 22%, due to the. "The real story is we made a significant investment in the military which is very, very important, and to get that done we had to increase non-military spending.". “President Trump prioritized making a significant investment in America’s military after years of reductions in military spending undermined our preparedness and national security,” Treasury Secretary Steven Mnuchin said in a statement. Spending rose 3% over the previous year, fueled in part by increases to the defense budget agreed upon in September 2017 as part of a deal between Republicans and Democrats to head off a government shutdown.

Justin T. Gellerson for The New York Times. The deficit is 3.9 percent of Gross Domestic Product (GDP), also up from 3.5 percent in 2017.

The Budget is expected to return to a surplus of $2.2 billion in 2019/20, and increasing to $16.6 billion in 2021/22. The Agriculture Department saw a 7% bump from last year. As a share of the economy, revenues fell to 16.5 percent in fiscal year 2018, from 17.2 percent the year before. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Recent legislation is responsible for the deficit increase.

While the tariffs have not begun to generate enough revenue to help pay down the national debt, as Mr. Trump has promised, they brought in about $41.3 billion in 2018. Personal income tax collections rose slightly over the past fiscal year, the Treasury data show, though in September they were lower than they were a year ago. That was up from about $34.6 billion in 2017, an increase of nearly 20 percent. The Joint Committee on Taxation, the official tax scorekeeper of Congress, projected that the law would reduce revenues by $1 trillion, even when accounting for additional growth. TECH. CBO estimated that the tax law would cost $164 billion in FY 2018, which would account for more than the entire deficit increase. Here is the data for September 2018, which includes data for all of Fiscal Year 2018. Thailand's government plans for a budget deficit of 450 billion baht ($12.7 billion) for the 2018 fiscal year, largely due to allocations for public investment, its finance minister said on Thursday (12/01). The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This index contains a complete list of all announcements and technical changes related to the Budget, as well as providing links to the documents they appear in.

The deficit rose to $779 billion in fiscal year 2018, up 17% from last year, according to final figures released Monday by the Treasury Department.

Committee for a Responsible Federal Budget, All rights reserved. Given that many of April's tax payments are made for the previous year, another way to look at revenues is from May onward, where revenues are down 4.7 percent since last year. All rights reserved. This increase is largely a result of government spending in reaction to the coronavirus pandemic. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Accounting for inflation or as a share of the economy, revenues were down 4 to 9 percent over the tax year. Budget Deficit Jumps Nearly 17% in 2018. Treasury Department data show the federal budget deficit rose to $779 billion in fiscal year 2018, an increase of nearly 17 percent year over year. The deficit is 3.9 percent of Gross Domestic Product (GDP), also up from 3.5 percent in 2017. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion. The big revenue drop came on the business side.

All rights reserved. All times are ET. As interest rates rise, servicing that ballooning debt could pose challenging. That's more than the cost of Medicaid, food stamps, and the department of Housing and Urban Development combined. "CBO’s Current Projections of Output, Employment, and Interest … Revenues are now nearly a percentage point lower than their average for the last 40 years, the Treasury Department said in its news release. Government Budget in Cambodia averaged -3.78 percent of GDP from 1994 until 2018, reaching an all time high of -0.07 percent of GDP in 2008 and a record low of -8.60 percent of GDP in 2009. Since the first day of FY 2018 (October 1, 2017) fell on a weekend, monthly benefit payments that are typically made that day were instead made during last fiscal year.

It's a long way from the Republican stance under President Barack Obama, when the GOP-led House demanded about $1 trillion in budget cuts over 10 years in exchange for a debt ceiling increase, leading to years of painful automatic reductions to federal spending. That figure is a drop from $297 billion in fiscal year 2017. Spending on investment for the 2018 fiscal year, starting on Oct. 1 this year, is expected to increase to 23 percent, compared with 21-22 percent in the previous fiscal year, Finance Minister Apisak Tantivorawong told reporters. Between 2014 and 2015, they rose by 7.5 percent. As we have noted, though, even this slight revenue growth understates how much the 2017 tax law is reducing revenue since the fiscal year totals include revenue raised from the pre-tax law code. Social Security and interest on the federal debt also contributed to the increase. Treasury Department data show the federal budget deficit rose to $779 billion in fiscal year 2018, an increase of nearly 17 percent year over year. But it is smaller as a percentage of GDP. The U.S. Treasury releases the current national debt on most weekdays. BUSINESS- Thailand's budget deficit was at 390 billion baht in 2015 and 2016. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. The spending deal (the Bipartisan Budget Act of 2018) was estimated to cost $68 billion, which would account for about 60 percent of the increase. Most of the new law’s provisions took effect in January. Learn how we're working to improve our health system. “Going forward, the president’s economic policies that have stimulated strong economic growth, combined with proposals to cut wasteful spending, will lead America toward a sustainable financial path.”. The Budget deficit for 2017/18 is expected to be $18.2 billion, falling to $14.5 billion in 2018/19.



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