Government set to borrow nearly $1 trillion

-Source-Chicago Tribune- It was another crazy news week so its understandable if you missed a small but important announcement from the Treasury Department: The federal government is on track to borrow nearly $1 trillion this fiscal year President Donald Trumps first full year in charge of the budget. Thats almost double what the government borrowed in fiscal year 2017. Here are the exact figures: The U.S. Treasury expects to borrow $955 billion this fiscal year according to a documents released Wednesday. Its the highest amount of borrowing in six years and a big jump from the $519 billion the federal government borrowed last year. Treasury mainly attributed the increase to the fiscal outlook. The Congressional Budget Office was more blunt. In a report this week the CBO said tax receipts are going to be lower because of the new tax law. The uptick in borrowing is yet another complication in the heated debates in Congress over whether to spend more money on infrastructure the military disaster relief and other domestic programs. The deficit is already up significantly even before Congress allots more money to any of these areas. Were addicted to debt says Marc Goldwein senior policy director at Committee for a Responsible Federal Budget. He blames both parties for the situation. Whats particularly jarring is this is the first time borrowing has jumped this much (as a share of GDP) in a non-recession time since Ronald Reagan was president says Ernie Tedeschi a former senior adviser to the U.S. Treasury who is now head of fiscal analysis at Evercore ISI. Under Reagan borrowing spiked because of a buildup in the military something Trump is advocating again.