Federal Deficit Hit $984 Billion Last Year—a Nearly 50 Percent Increase Since Trump Took Office

In three years in office, Trump has added more to the national debt than President George W. Bush did in his entire two terms.

During the 2016 campaign, President Donald Trump said he’d be able to wipe out the national debt in eight years. Instead, after three years in office, he’s overseen a nearly 50 percent increase in the gap between how much the government takes in and how much it spends.

The Treasury Department announced Friday that the official federal deficit for fiscal year 2019, which ended in September, was $984 billion—in line with what the Congressional Budget Office (CBO) estimated last month. The announcement serves as official confirmation that the federal government’s mountain of red ink has grown dramatically during Trump’s first three years in the White House. It is now approaching levels not seen since the early Obama years.

The deficit is growing despite growth in tax revenues. The Treasury Department reported that corporate tax revenue was up 12 percent over the previous year, while overall tax receipts rose by about 4 percent. But spending grew by 8 percent.

In a statement, Treasury Secretary Steve Mnuchin said the data showed “President Trump’s economic agenda is working”; he also touted the low unemployment rate and ongoing economic growth. He added a boilerplate call for cutting “wasteful and irresponsible spending.”

Article URL : https://reason.com/2019/10/25/federal-deficit-hit-984-billion-last-year-a-nearly-50-percent-increase-since-trump-took-office/

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