Capitol Report: This is how Larry Kudlow defines a falling deficit

President Donald Trump’s economic adviser Larry Kudlow said Friday that the U.S.’s budget deficit is “coming down rapidly” — something that’s not reflected in the latest data from the Treasury Department.

From October, when the government’s budget year starts, through May, the shortfall was actually up 23% compared to the same period in the prior year. The fiscal year ends in September.

In May itself, the deficit was $146.8 billion, vs. a deficit of $88.4 billion in the year-earlier May.

How about for the full fiscal year? In April, the nonpartisan Congressional Budget Office predicted the U.S. would run a deficit of $804 billion.

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