Executive Intelligence Review
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PRESS RELEASE


A Tell-tale Sign of Economic Decline

July 25, 2017 (EIRNS)—The Office of Management and Budget (OMB) announced on July 17 that falling tax revenues will cause the Federal budget deficit to jump to $702 billion in the current fiscal year. This deficit is $99 billion more than was projected on May 28, and $117 billion more than in FY2016. Federal tax revenue is down 7% from 2016 through June 2017 (three-quarters of FY2017). Nationally, state tax revenue was also down, by 4% in FY 2017, according to the Rockefeller Institute of Government.