Federal deficit exceeds $1 trillion for first time in 7 years

The federal deficit rose to nearly $1.07 trillion in August, exceeding the trillion-dollar level for the first time in seven years, the Treasury Department said Thursday.

The shortfall for August alone was more than $214 billion.

The total is up by 19 percent over the same point in 2018, with one month left in the fiscal year.

In 2018, the deficit for the full year was $898 billion. President Trump campaigned promising to eliminate the deficit, saying economic growth would pay for his tax cuts and spending plans.

Revenue increased in 2019 to roughly $280 billion per month, but spending rose, too.

The national debt has increased by 13 percent under the Trump administration to $22.5 trillion.

Note: During it’s lowest raises from 2012 to 2016, the house and Senate was Republican lead.

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