The Trump administration spent $1 trillion more in 2019 than it raised in revenue.

The Treasury Department released information stating that the Trump administration spent $1 trillion more in 2019 than it raised in revenue. That deficit is 50% larger than the deficit in 2017, which was President Trump’s first year in office, and represents the first calendar-year deficit to top $1 trillion since 2012.

Although President Trump had vowed that his stimulus policies, including massive corporate tax cut and aggressive deregulation, would help stem the red ink coming from Washington, it has only increased, as CNBC reported that the budget shortfall hit $1.02 trillion for the January-to-December period, a 17.1% increase from 2018, which itself had seen a 28.2% jump from 2017.

For the fiscal year, CNBC adds, which began in October, the shortfall is already at $356.6 billion, an 11.7% increase from a year ago. If that pace continues it would also lead to a fiscal deficit for 2019-20 of more than $1 trillion.
2020-01-15T17:48:05+00:00

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