Federal budget deficit of US tops $1 trillion in 2019 for the first time in seven years

Federal budget deficit of US tops $1 trillion in 2019 for the first time in seven years
  • Clock-gray 09:53
  • calendar-gray 14 January 2020

The U.S. fiscal deficit topped $1 trillion in 2019, the first time it has passed that level in a calendar year since 2012, according to Treasury Department figures released Monday, APA reports citing CNBC.

The budget shortfall hit $1.02 trillion for the January-to-December period, a 17.1% increase from 2018, which itself had seen a 28.2% jump from the previous year.

Note that rising corporate tax revenue helped lower the pace of increase in the spending gap.

Mirsaid İbrahimzade

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