Federal deficit hits $984 billion, on track to reach $1 trillion next year
President Trump's pledge to reduce the federal deficit isn't exactly working out.
The federal deficit has jumped from $779 billion in fiscal year 2018 to $984 billion in 2019, Treasury Secretary Steven Mnuchin revealed in a Friday statement. That's a 26 percent jump, and the deficit's highest point since it was coming down from the recession in 2012.
The deficit saw a massive jump as the recession kicked in from 2008 to 2009, and that number hasn't been replicated since. Still, the deficit has purely been on upward swing under Trump, and has only increased more dramatically since the 2017 Tax Cuts and Jobs Act was passed. The GOP tax package was expected to help push the deficit over $1 trillion by 2020, and now, that looks unavoidable.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
That deficit growth completely bucks the several times Trump has promised to cut the federal deficit and national debt.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Thirteen missing after Red Sea tourist boat sinks
Speed Read The vessel sank near the Egyptian coastal town of Marsa Alam
By Arion McNicoll, The Week UK Published
-
Khan supporters converge on Islamabad
Speed Read Protesters clashing with Pakistani authorities are demanding the release of jailed former prime minister Imran Khan
By Rafi Schwartz, The Week US Published
-
Prosecutor drops federal cases against Trump
Speed Read Special counsel Jack Smith requested to drop the charges against President-elect Donald Trump for his efforts to overturn the 2020 election
By Rafi Schwartz, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published