The federal budget deficit has ballooned 26 percent over the last fiscal year, moving from a $779 billion deficit in 2018 to $984 billion in 2019, the Treasury Department announced on Friday.
GOP tax cuts in 2017, as well as increased discretionary spending and a failure to cut back entitlement programs, have contributed to the swell, despite substantial economic growth.
The deficit clocked in at $665 billion in 2017.
“America remains on the fast track to trillion-dollar deficits, rising rapidly as far as the eye can see,” said Michael Peterson, CEO of the Peterson Foundation, The Hill reported.
🔦 President Donald Trump said he could pay off the entire national debt of $19 trillion “over a period of eight years” during a 2016 interview.