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Graphic shows U.S. federal budget deficit since 2001.
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U.S.

U.S. budget deficit grows to $867bn, tops 2018 full figure

By Mike Tyler

August 13, 2019 - The U.S. government’s budget deficit for the first 10 months of the 2019 financial year already exceeds the total for last year, as spending growth outpaces revenue.

The gap grew to $866.8 billion in the first 10 months of the fiscal year, surging past last fiscal year’s shortfall of $779 billion – which was the largest federal deficit since 2012.

Republican tax cuts, increased defence spending and an ageing population have contributed to the fiscal strains, Bloomberg News said.

Sources
PUBLISHED: 13/08/2019; STORY: Graphic News; PICTURES: Associated Press
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