Federal deficit nears $1 trillion, highest in 7 years

by Daniel Payne · Oct 8th, 2019 2:39 pm

Last Updated Nov 19th, 2019 at 10:38 am

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.

You May Also Like

Trump asks Supreme Court to block Deutsche Bank subpoenas

Hillary Clinton: After Trump's inauguration speech, George W. Bush said to me, "Well that was some weird s***"

U.S. urging Arab states to agree to non-belligerence pacts with Israel

Devin Nunes hits CNN with $435 million defamation suit

Major Clinton donors hit with campaign finance violation charges

U.S. House approves bill imposing sanctions on Chinese officials for Uighur detainment camps