Trump during the 2016 presidential campaign promised he would eliminate government debt, and tweeted before his election: 'Deficits not allowed!'
on Thursday that the country's deficit had widened to $1.067 trillion in the first 11 months of the fiscal year — the largest it's been in seven years.
During his election campaign, Trump told the Washington Post that he promised within eight years to get rid of government debt, which at the time was about $19 trillion. He told the Post he would do so by renegotiating trade deals.The deficit is the difference in the amount spent by the government on things like defence, social security and medicare, and the amount collected via taxes and other means. The shortfall is then funded via borrowing.
The report from the Treasury Department said there was a 7% increase in government spending, including on defense, totaling $4.1 trillion, compared to the $3.1 trillion collected in tax receipts.while in 2017 the president announced wide-ranging tax cuts, limiting the amount of money brought into the government.The Committee for a Responsible Federal Budget
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