U.S. Government Deficit Grows to Almost $1 Trillion, Highest Since 2012

The U.S. government’s budget deficit rose to almost $1 trillion in 2019, marking a $205 billion increase since last year. According to The Washington Post, the deficit grew to $984 billion during the last fiscal year that ended on Sept. 30—the highest since 2012. The government brought in $3.5 trillion in revenue after the 2017 tax cut law and spent $4.4 trillion, with large spending increases in certain areas. Military spending has increased by about $150 billion in the Trump era, and Democrats have successfully pushed more spending in other areas in exchange for the larger defense budget. Overall spending is also projected to increase through 2020, reportedly due to disaster relief funding and the raising of spending limits. During the 2016 election, Trump reportedly promised to get rid of federal debt within eight years—but has seemingly abandoned the promise.