The federal deficit — the difference between federal spending and revenue — is nearing the $1 trillion mark, the highest it’s been since 2012.
The total deficit amount recently topped $984 billion, the highest since 2012. The amount totals 4.7 percent of the gross domestic product.
The increase comes after a large tax cut plan passed by the GOP, along with several bipartisan federal spending increases.
The deficit has only ever exceeded $1 trillion four times — immediately following the global financial crisis.