The federal budget deficit is now projected to end the fiscal year at about seven hundred seventy billion dollars, up over one hundred billion dollars from last year. The US Treasury Department reports the deficit is expected to top one trillion dollars next year.
Much of that gap is being blamed on federal revenue falling due to the tax cuts.

South Dakota Senator John Thune says numbers don’t yet reflect the revenue gains..

Thune says as the economy grows, tax revenues will follow….

Thune says historically, tax cuts lead to significant growth…

There is fear the deficit will get worse as spending increases on Social Security and Medicare.