The US budget deficit widened to $1.067 trillion for the first 11 months of the fiscal year, an increase of 19% over this time last year, the Treasury Department reported
The current shortfall exceeds the full-year deficit for fiscal 2018, which was $898 billion.President Donald Trump, who promised during the 2016 campaign to eliminate the federal debt, has instead overseen a dramatic increase in deficits.The White House's Office of Management and Budget has predicted that the deficit will exceed $1 trillion for the entire fiscal year, which ends on September 30.
5 trillion tax cuts signed into law by Trump in 2017 along with a massive spending package passed by Congress. The deficit is expected to swell to $960 billion in fiscal 2019, according to the CBO's latest report, and average $1.2 trillion in each of the next 10 years. The CBO raised its forecast for this year's deficit by $63 billion after Trump signed into law a bipartisan two-year budget deal over the summer.
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