Budget deficit hits $666B, up $80B as tax debate kicks off

October 20, 2017 - 2:07 pm

WASHINGTON (AP) — The Trump administration says the federal budget deficit rose to $666 billion in the just-completed budget year, an $80 billion spike over last year.

The word comes as Republicans controlling Washington are moving quickly to draft a rewrite of the tax code that could add up to $1.5 trillion to the national debt over the coming decade.

The sobering deficit numbers follow Senate passage Thursday of a 10-year budget plan that shelves GOP concerns on deficits and debt in favor of the upcoming tax overhaul. President Donald Trump and his GOP allies on Capitol Hill hope the tax measure will spark a burst of economic growth — and pay big political dividends for the party.

Last year's deficit registered $585 billion, itself a big spike over the previous year.

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