Tax Policy Update

February 27, 2018

Pardon Our Dust

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NUMBER OF THE WEEK: $666 Billion

Devil’s in the Details. That’s the U.S. budget deficit for fiscal year 2017 according to the FY 2017 Financial Report of the United States Government. The Department of the Treasury released the report on Feb. 15 to little fanfare — the annual report card on the nation’s fiscal health was largely ignored by the media. Bill Bergman, the director of research at Truth in Accounting, puts it best: “The largest financial institution in world history issued its annual report yesterday, and nobody cares.

The $666 billion deficit reflects a 13.3 percent (or 78.3 billion) increase from FY 2016. The net federal debt for the previous fiscal year comes in at an eye-popping $20.4 trillion. Yikes!

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Russell Sullivan

Rosemary Becchi

Harold Hancock

Charlie Iovino
Vice President

Lai King Lam
Assistant Vice President

Radha Mohan
Assistant Vice President

Anne C. Starke
Research Associate

Daniel Chung