The federal deficit reached $134 billion in October, the first month of fiscal 2020, in line with information the Treasury Division launched Wednesday. The Hill studies:
That determine is about 34 p.c greater than final October, an indication of a steadily rising hole between federal spending and income.
As a candidate, President Trump had promised to wipe out the nation’s deficit throughout his time in workplace, however deficits have solely grown since his inauguration.
The Treasury estimated that the deficit for the 2020 fiscal 12 months would surpass $1 trillion for the first time since 2012. The determine got here in slightly below that milestone in fiscal 2019, hitting $984 billion.
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