Trump Doing Work on the Federal Deficit

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Corporate tax receipts are down for the year, while government spending is up. Even with a fast-growing economy, the Treasury Department expects to borrow more than $750 billion to pay its bills during the last six months of this year.

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"You've got more spending. You've got less revenue. And the deficit is just getting bigger and bigger, to the point where it will be at least a trillion dollars every year during the Trump administration and beyond."

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The growing deficit also means higher borrowing costs. So far this fiscal year, growth in Social Security, Medicare and defense spending have all been eclipsed by rising interest on the debt.

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