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US On Track for $1 Trillion Budget Deficit

US On Track for $1 Trillion Budget Deficit

Created: February 12, 2020 01:39 PM

WASHINGTON (AP) - The U.S. budget deficit through the first four months of this budget year is up 19% from the same period a year ago.

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That puts the country on track to record its first $1 trillion deficit since 2012.

The Treasury Department said Wednesday in its monthly budget report that the deficit from October through January was $389.2 billion, up $78.9 billion from the same period last year.

President Donald Trump's fiscal 2021 plan, released earlier this week, promised that the government's deficit will crest above $1 trillion only for the current budget year before steadily decreasing to more manageable levels.

Trump says the plan “sets the course for a future of continued American dominance and prosperity,” but it has little chance of passing in the divided Congress.

Copyright 2020 The Associated Press. All rights reserved.

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