US budget deficit rises to $209,000,000,000 in November
WASHINGTON — The U.S. budget deficit rose by 2% last month to $209 billion, another step in a journey back toward $1 trillion-a-year budget shortfalls.
The Treasury Department reported Wednesday that the federal government took in $225 billion in tax and other revenue but spent a record $434 billion in November.In the 2019 budget year, the government ran up a deficit of $984 billion, the most in seven years. The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will stay above $1 trillion for the next decade. The country last ran annual $1 trillion annual deficits from 2009 through 2012 during and after the financial crisis.But the fiscal imbalance started to grow again after President Donald Trump and Congress pushed through a massive tax cut in 2017 while ramping up spending.
So far this budget year, the government is running a deficit of $343 billion, up 12% from a year earlier.
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