Economy US: Federal deficit widens to $52.9 billion in March

US: Federal deficit widens to $52.9 billion in March

 

President Obama
President Obama

(AA) – The U.S. Federal deficit was $52.9 billion in March, widening from $36.9 billion in March 2014, the Treasury said in a statement on Monday.

The government’s deficit was up 6.3 percent from last year to $439.5 billion.

A 9.4 percent increase in Medicare spending is as the main driver in the deficit widening. 

Against that was a three percent decline in defense spending.

The deficit has declined from $600 billion in 2013.

The deficit is still at a low level compared with previous years, for example, the $778 billion deficit of 2012.

President Barack Obama has called for an increase in spending that would widen the deficit. Republicans in Congress fiercely oppose such a move.

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