Federal Deficit Jumps to <br />Highest Rate in 6 Years The White House blamed the <br />$779 billion deficit on <br />government spending. Mick Mulvaney, White House budget director, via NPR Government spending <br />rose 3% during the <br />just-ended fiscal year. Senate Republican <br />leader Mitch McConnell <br />blamed the deficit on Social <br />Security, Medicare and Medicaid. Top Senate Democrat <br />Chuck Schumer responded <br />that the rising deficit was the result <br />of Republicans' "tax cut for the rich." Republican led lawmakers <br />recently voted to cut the <br />corporate tax rate from 35% to 21%. Maya MacGuineas, Committee for a Responsible Federal Budget, via NPR Historically, the deficit balloons <br />during a recession and shrinks <br />during a robust economy. The last time U.S. <br />unemployment was at its <br />current low was in 1969.
