Budget deficit hits $1 trillion for first time since 2012

by Daniel Payne · Jan 14th, 2020 2:40 pm

The Trump White House marked a new milestone in 2019 when the United States budget deficit broke $1 trillion, the first time it has done so since the Obama administration.

The deficit last year continued its regular upward trend under the Trump administration, jumping 17.1 percent from 2018. The deficit that year was also up 28.2 percent from 2017.

The present fiscal year, which began in October, has already seen a deficit of more than $350 billion, putting the United States on track for another trillion-plus shortfall. The national debt has also continued increasing under Trump, rising $2 trillion since he took office. It now stands at $23.2 trillion.

🔦 While on the 2016 campaign trail, Trump once proposed to eliminate the federal debt in eight years.