Federal Budget Deficit Tops $1 Trillion In 2019
FEDERAL DEFICIT ECLIPSES $1 TRILLION FOR THE FIRST TIME SINCE 2012
(CNN) – For the first time in seven years; the U.S. found itself in a trillion dollar hole.
The federal government’s budget deficit was released Monday by the Treasury Department.
According to the data; the government spent $1 trillion more than it took in during 2019.
That hasn’t happened since 2012.
And the first quarter of 2020 is showing similar signs.
From October through December; military spending and health care costs caused the deficit to soar 12% over the previous year.
Money brought in through taxes also went up, thanks in part to $21 billion of import tariffs.
Increases in the national deficit usually happen during economic downturns, but the U.S. economy is growing and unemployment is at a 50 year low.