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US records biggest budget deficit since 2012

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US records biggest budget deficit since 2012

The Treasury Department announced on Monday that it had recorded its largest monthly budget deficit in six years in February. 

The deficit came in at $215 billion for the month, which came as revenue declined. 

The department said fiscal income decreased to $156 billion, which marked a 9 percent drop from last year, while spending came in at $371 billion after it rose 2 percent. 

The announcement comes roughly three months after President Trump signed the Republican-backed tax reform plan into law. 

Critics of the plan have expressed concerns that the government’s debt would increase under the plan. 

The plan is expected to slash federal revenue by over $1 trillion in the next ten years. Congress came to a $300 billion spending deal last month, which could also contribute to deficit growth. 

The Treasury Department has maintained that the tax cuts will end up paying for themselves amid economic growth. 

“The Administration has been focused on tax reform and broader economic policies to stimulate growth, which will generate significant long-term revenue for the government,” Treasury Secretary Steven Mnuchin said last month. 

The plan was originally expected to add roughly $1.5 trillion to the deficit before taking economic growth into account. 

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