U.S. budget deficit grows 27% through July
WASHINGTON — The U.S. government’s budget deficit rose by $183 billion to $867 billion during the first 10 months of this budget year as spending grew more than twice as fast as tax collections.
The Treasury Department say the deficit for the current fiscal year through July is up 27% from the same period a year earlier. Spending rose 8% to $3.73 trillion, and tax revenue rose 3% to $2.86 trillion.
President Donald Trump’s $1.5 trillion tax cut and new spending agreed to last year have swelled the gap between what the federal government spends and what it takes in.
The Congressional Budget Office expects the deficit to begin exceeding $1 trillion a year in 2022.
Verizon sells early social-media darling Tumblr
NEW YORK — Verizon is selling Tumblr, a darling of early social media, to the owner of blogging platform WordPress.
Tumblr is known for its devoted fan base and has been home to angry posts from celebrities like Taylor Swift. It angered many users last year when it banned porn.
Verizon got Tumblr through its 2017 purchase of Yahoo. Yahoo bought Tumblr for $1.1 billion in 2013, but ended up writing off much of its value . Terms of Verizon’s sale to WordPress owner Automattic weren’t disclosed.