U.S. Deficit Hits 7-year High Under Trump Administration
The president's corporate tax break contributed to the deficit
The U.S. government’s red ink for fiscal 2019 swelled past the $1 trillion mark in August, the first time that level has been eclipsed in seven years, the Treasury Department reported Thursday.
The total shortfall rose to nearly $1.07 trillion, thanks to a difference between revenue and expenses of more than $214.1 billion in August. The government last saw that large of a fiscal deficit in 2012, when the gap was nearly $1.1 trillion.
During his presidential campaign, President Donald Trump promised economic growth that would easily take care of the tax cuts and new spending he planned. His 2017 tax break for corporations and individuals has helped contribute to a deficit that has grown from $584.6 billion in 2016.
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