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Federal Deficit Increases 26 Percent For Fiscal 2019

The U.S. Treasury said the federal deficit for this year was $984 billion

The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26 percent increase from 2018 but still short of the $1 trillion mark previously forecast by the administration.

The gap between revenues and spending was the widest it’s been in seven years as expenditures on defense, Medicare and interest payments on the national debt ballooned the shortfall.

The government said corporate tax revenues totaled $230 billion, up 12 percent, thanks to a rebound in the second half of the year. Individual tax revenues rose 2 percent to $1.7 trillion.

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