The U.S. government’s budget deficit increased by $169 billion to $1.07 trillion in the first 11 months of this budget year as spending grew faster than tax collections.
The Treasury Department reported that the deficit for August totaled $200 billion, compared to $214 billion in August 2018.
Budget experts project a surplus for September, which would push the total 2019 deficit down slightly below the $1 trillion mark. The Congressional Budget Office is forecasting a deficit this year of $960 billion, compared to $779 billion last year.
Going forward, the CBO sees the annual deficit topping $1 trillion in 2020 and never falling below $1 trillion over the next decade. The higher deficits reflect higher government spending for Social Security and Medicare and the impact of the 2017 tax cuts.
The CEOs of more than 100 companies are stepping into the nation’s gun debate, imploring Congress to expand background checks and enact a strong “red flag” law.
In a letter sent to the Senate on Thursday, CEOs from businesses including Airbnb, Twitter and Uber asked Congress to pass a bill to require background checks on all gun sales and a strong red flag law that would allow courts to issue life-saving extreme risk protection orders.
The country’s law on background checks needs to be updated, the CEOs argued, saying the current law doesn’t reflect how people buy guns today.
The New York Times was first to report on the letter.
The CEOs’ letter comes after shootings at a Walmart in El Paso, Texas, as well as those in West Texas and Dayton, Ohio.
Walmart earlier this month decided to discontinue sales of certain gun ammunition and also will discontinue handgun sales in Alaska.
Walmart is rolling out a grocery delivery subscription service this fall as it races to gain an advantage in the competitive fresh food business.
The service will charge an annual membership fee of $98 for subscribers to access unlimited same-day delivery, which will be offered in 1,400 stores in 200 markets. By year’s end, it will extend to a total of 1,600 stores — or more than 50% of the country.
The move allows the nation’s largest grocer to further tap into time-starved shoppers looking for convenience at a time when Walmart is locked in an arms race with Amazon and others to expand fresh-food delivery — one of the fastest growing e-commerce sectors.
“We know this level of convenience resonates” with our customers, said Tom Ward, senior vice president of digital operations at Walmart U.S. “If you need milk, bananas and birthday presents, this is a fantastic solution.”
The grocery services will be fulfilled by local stores and require a minimum order of $30. With same-day delivery, there’s a four-hour minimum wait time between placing an order and having it delivered. Walmart will also allow shoppers to order groceries online and pick them up.