Since Donald Trump returned to the White House in January, the federal deficit has declined by $516 billion on a trailing-12-month basis. Spending is basically flat, but revenue is up a remarkable 8.5%. President Trump’s tariff barrage explains part of that increase, but rising personal income tax receipts — driven by the record-setting stock market and good times in general for high earners — have been an even bigger driver. Which raises the question: Can it last?
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The Federal Deficit Is Shrinking. Can That Last?
