The U.S. budget deficit through the first four months of this budget year is up 19% from the same period a year ago, putting the country on track to record its first $1 trillion deficit since 2012.
News headlines today: Feb. 12, 2020WASHINGTON --
The deficit reflected government spending that has grown 10.3% this budget year while revenues were up only 6.1%. For January, the deficit totaled $32.6 billion, compared to a surplus a year ago of $8.68 billion.sent Congress a new budget blueprint on Monday that projects the deficit will top $1 trillion this year but then will decline over the next decade.
The actual deficit for the 2019 budget year, which ended Sept. 30, was $984.4 billion, up 26% from the 2018 imbalance. The rising deficits reflect the impact of the $1.5 trillion tax cut Trump pushed through Congress in 2017 and increased spending for military and domestic programs that the president has accepted as part of a budget deal with Democrats.
Trump’s plan projects that if Congress goes along with his spending cuts, which is highly unlikely, the budget would return to balance in 15 years.
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