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
Washington .
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 MondayAnd 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.
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US budget deficit topped $1 trillion in 2019 for the first time in seven yearsThe budget shortfall hit $1.02 trillion for the year, a 17.1% increase from 2018, which itself had seen a 28.2% jump from the previous year.
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