The federal deficit totaled $1.02 trillion in 2019, the first calendar year the deficit has exceeded $1 trillion since 2012
WASHINGTON—The U.S. budget gap continued to widen in 2019, but not as much as the previous year when Republican tax cuts reduced revenue and a bipartisan budget deal boosted government spending.
The federal deficit totaled $1.02 trillion over the 12 months that ended in December, according to data the U.S. Treasury released Monday. That marked the first calendar year the deficit has exceeded $1 trillion since 2012, when the U.S. was still experiencing anemic economic growth after the recession.
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