POLITICS

Federal Budget Deficit Tops $1 Trillion In 2019

Jan 13, 2020, 4:16 PM | Updated: Jun 7, 2022, 4:03 pm
An October 18, 2018 photo shows the US Treasury Department building in Washington, DC. - Losses on ...
An October 18, 2018 photo shows the US Treasury Department building in Washington, DC. - Losses on Wall Street deepened at midday Thursday after Treasury Secretary Steven Mnuchin announced he would skip an investment conference in Saudi Arabia following the suspected murder of journalist Jamal Khashoggi. (Photo by MANDEL NGAN / AFP) (Photo credit should read MANDEL NGAN/AFP via Getty Images)
(Photo credit should read MANDEL NGAN/AFP via Getty Images)

(CNN) – The federal government budget deficit surpassed $1 trillion in 2019, marking the first time the country has crossed that threshold in a calendar year since 2012.

The budget deficit reached $1.02 trillion for the 12-month calendar year ending in December, according to data released by the Treasury Department on Monday

And the gap appears to be widening. For the first quarter of fiscal year 2020, which began on October 1, the deficit grew 12% over last year.

The deficit — the gap between how much the government spends versus how much it takes in — increased to $357 billion in the first three months of the fiscal year as military spending and health care costs continued to eclipse federal tax receipts. The shortfall stood at $319 billion for the same period in fiscal 2019.

Federal spending rose 7% to $1.16 trillion between October and December, while federal tax receipts increased 5% to $807 billion. That includes $21.1 billion collected from tariffs paid by importers.

The country’s deficit has continued to balloon due in part to tax cuts and a two-year budget deal that has boosted federal spending under President Donald Trump. It’s swelled to $984 billion at the end of the last fiscal year, up from $665 billion during his first year in office in 2017.

The widening gap comes despite campaign promises by Trump to shrink or even eliminate the nation’s deficit.

Usually, big budget deficits typically widen during economic downturns — but the US economy is expanding and unemployment is at a 50-year low.


The-CNN-Wire
™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.

KSL 5 TV Live

Top Stories

Politics

Former President Donald Trump speaks at a rally on Sept. 25, 2021, in Perry, Georgia. (Photo by Sea...
HOPE YEN, Associated Press

Trump rebuked for call to suspend Constitution over election

Former President Donald Trump is facing rebuke from both parties after calling for the “termination” of parts of the Constitution over his lie that the 2020 election was stolen.
16 hours ago
FILE: U.S. Secretary of Defense Lloyd Austin speaks during a news briefing at the Pentagon July 21,...
TARA COPP, Associated Press

Keep COVID military vaccine mandate, defense chief says

Defense Secretary Lloyd Austin is making clear he wants to keep the military’s COVID-19 vaccine mandate in place to protect the health of the troops.
2 days ago
(Photo by Bethany Clarke/Getty Images)...
Brian Fung, CNN

Released Twitter emails show how employees handled 2020 New York Post Hunter Biden story

Elon Musk teased Twitter users a few days ago with the promise of information on Twitter's content moderation policies, now known as the "Twitter Files."
2 days ago
FILE: Attorney General of Utah Sean Reyes arrives onstage to pre-record his address to the Republic...
Bridger Beal-Cvetko

Qatar paid for Utah AG Sean Reyes’ trip to see U.S. World Cup match

Utah Attorney General Sean Reyes spent the Thanksgiving weekend in Qatar, after the Middle Eastern country's government paid for his airfare, lodging and tickets to see the United States and England
3 days ago
FILE: Former President Donald Trump speaks at a rally on September 25, 2021 in Perry, Georgia. Repu...
FATIMA HUSSEIN, Associated Press

Treasury making Trump taxes available to House committee

The Treasury Department says it has complied with a court order to make former President Donald Trump’s tax returns available to a congressional committee.
5 days ago
[File] Pride Flag...
MARY CLARE JALONICK, Associated Press

Landmark same-sex marriage bill wins Senate passage

The Senate has passed bipartisan legislation to protect same-sex marriages.
6 days ago

Sponsored Articles

house with for rent sign posted...
Chase Harrington, president and COO of Entrata

Top 5 reasons you may want to consider apartment life over owning a home

There are many benefits of renting that can be overshadowed by the allure of buying a home. Here are five reasons why renting might be right for you.
Festive kitchen in Christmas decorations. Christmas dining room....
Lighting Design

6 Holiday Decor Trends to Try in 2022

We've rounded out the top 6 holiday decor trends for 2022 so you can be ahead of the game before you start shopping. 
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to choose what MBA program is right for you: Take this quiz before you apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Diverse Group of Energetic Professionals Team Meeting in Modern Office: Brainstorming IT Programmer...
Les Olson

Don’t let a ransomware attack get you down | Protect your workplace today with cyber insurance

Business owners and operators should be on guard to protect their workplace. Cyber insurance can protect you from online attacks.
Hand turning a thermostat knob to increase savings by decreasing energy consumption. Composite imag...
Lighting Design

5 Lighting Tips to Save Energy and Money in Your Home

Advances in lighting technology make it easier to use smart features to cut costs. Read for tips to save energy by using different lighting strategies in your home.
Portrait of smiling practitioner with multi-ethnic senior people...
Summit Vista

How retirement communities help with healthy aging

There are many benefits that retirement communities contribute to healthy aging. Learn more about how it can enhance your life, or the life of your loved ones.
Federal Budget Deficit Tops $1 Trillion In 2019