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The federal government is running up its credit bill again.The deficit rose to 9 billion in fiscal year 2018, up 17% from last year, according to final figures released Monday by the Treasury Department. That's the largest number since 2012, when the country was still spending massively to stimulate an economy struggling to recover.Government receipts were flat this year from last year. Corporate tax collections fell billion, or 22%, due to the Republican-backed tax cut. But that drop was more than offset by increased revenues from individual and self-employment taxes. The fiscal year ended September 30.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. Social Security and interest on the federal debt also contributed to the increase.The Committee for a Responsible Federal Budget, a think tank that warns of the dangers of rising debt levels, said the deficit could reach trillion as soon as next year. That would still be below a high of .4 trillion reached in 2009, but in a vastly different economy."Those elected to Congress this year will face stark and difficult choices to put the debt on a downward path and protect our nation's social programs from insolvency," said Maya MacGuineas, the group's president. "It's no longer a problem for the future."The White House has steadfastly defended its policies, arguing that the yawning gap is a reason to cut deeper into social programs to balance out increases to the military budget. It's a long way from the Republican stance under President Barack Obama, when the GOP-led House demanded about trillion in budget cuts over 10 years in exchange for a debt ceiling increase, leading to years of painful automatic reductions to federal spending.White House budget director Mick Mulvaney, a notable debt hawk while he was a congressman, said the numbers underscored a need to cut spending."The president is very much aware of the realities presented by our national debt," Mulvaney said in a statement. "America's booming economy will create increased government revenues — an important step toward long-term fiscal sustainability. But this fiscal picture is a blunt warning to Congress of the dire consequences of irresponsible and unnecessary spending."His comments echoed remarks by Treasury Secretary Steven Mnuchin last week in an interview with CNN suggesting that Democrats' resistance to cutting government spending on education, health care and other social programs was to blame for deficit increases."People are going to want to say the deficit is because of the tax cuts. That's not the real story," Mnuchin told CNN. "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."Not many non-military spending categories increased, however. Outlays for the departments of Housing and Urban Development, Transportation, Energy and Education all decreased, while Health and Human Services and Veterans Affairs increased slightly. The Agriculture Department saw a 7% bump from last year.The deficit figure is?in line with what the Congressional Budget Office, the official government scorekeeper of federal fiscal policy, projected earlier this month. In June, the CBO projected that the deficit would rise to 9.5% of GDP in 2018.Also in June, the federal debt — which aggregates annual deficits over time — stood at 78% of gross domestic product, the highest level since right after World War II. Updated figures were not immediately available on Monday.As interest rates rise, servicing that ballooning debt could pose challenging. Treasury spent 2 billion last year paying interest, up 14% from the year before. That's more than the cost of Medicaid, food stamps, and the department of Housing and Urban Development combined. But it is smaller as a percentage of GDP than it has been historically.In late September, the House passed a bill that would extend individual tax cuts that are currently are slated to end in 2025, at a cost of 1 billion over a 10-year window. 4260
The Dow Jones Industrial Average continued its volatile run on Monday, closing down 200 points. At one point during the day, the index was about 350 points above its previous close.Struggling tech stocks and fears about trade tariffs have led to selling sprees in the past month. The market is down about 2,000 points from where it opened in October.More on this as it develops. 391
The Duchess of Cambridge, wife of Britain's Prince William, has given birth to a son, the royal family announced Monday. The baby weighs 8lbs 7oz (3.8 kilograms).The duchess, the former Kate Middleton, gave birth at 11a.m. local time at St. Mary's Hospital, Paddington, London."The Queen, The Duke of Edinburgh, The Prince of Wales, The Duchess of Cornwall, Prince Harry and members of both families have been informed and are delighted with the news," Kensington Palace said in a statement."Her Royal Highness and her child are both doing well." 554
The Franklin Park Zoo announced its newest member of their family: a baby boy gorilla.On Tuesday, the zoo said the baby, who is the first male baby gorilla born at the zoo, was delivered via Cesarean section by veterinarians and physicians.The Zoo New England, which operates Franklin Park Zoo, said in a press release that Kiki needed the procedure after noticing that western lowland gorilla mom Kiki was experiencing vaginal bleeding days before her due date."The veterinary team at Zoo New England became concerned that she may have placenta previa, a condition where the placenta lies over the entrance to the cervix, blocking the path for delivery of the baby," zoo officials said in the release.After conducting an ultrasound on Kiki, which confirmed she had placenta previa, the zoo's veterinary team and Brigham and Women's Hospital and Cummings School of Veterinary Medicine at Tufts University specialists performed a C-section.And after a quick and smooth surgery, Kiki gave birth to a 6-pound baby boy. 1023
The E.W. Scripps Company is a partner with The Associated Press and has been following guidance from their election desk on 2020 race updates.Below is the AP's explanation as to why they have not declared a winner in Pennsylvania.The Associated Press has not declared a winner in the battleground state of Pennsylvania, because there were hundreds of thousands of votes left to be counted Thursday morning in the contest between President Donald Trump and Democrat Joe Biden.Trump, who held a 675,000-vote lead early Wednesday, prematurely declared victory in the state.By Thursday morning, his lead had slipped to about 136,000.And the race is destined to get tighter.The vast majority of the votes left to be counted there were cast by mail — and that is a form of voting that Biden has carried by a large margin.That's probably because Trump has spent months claiming without proof that voting by mail would lead to widespread voter fraud.According to the Associated Press, elections officials, under state law, are not allowed to process mail-in ballots until Election Day. 1085