WASHINGTON, Oct. 20 (Xinhua) -- The U.S. fiscal deficit grew to 666 billion U.S. dollars in the 2017 fiscal year ending on Sept. 30, the highest since 2013, according to a report released by the Treasury Department on Friday.
Revenue for 2017 fiscal year increased by 1 percent, while spending rose by 3 percent. Growth in spending outpaced growth in tax receipts for the second year in a row.
The federal government's fiscal gap accounted for 3.5 percent of Gross Domestic Product (GDP), 0.3 percent higher than the previous year.
"Today's budget results underscore the importance of achieving robust and sustained economic growth. Through a combination of tax reform and regulatory relief, this country can return to higher levels of GDP growth, helping to erase our fiscal deficit," said Treasury Secretary Steven Mnuchin.
"These numbers should serve as a smoke alarm for Washington, a reminder that we need to grow our economy again and get our fiscal house in order. We can do that through smart spending restraint, tax reform, and cutting red tape," said Office of Management and Budget Director Mick Mulvaney.
The Senate on Thursday approved a budget resolution that would add up to 1.5 trillion U.S. dollars in fiscal deficit during the next decade.
