/usr/web/www.marshallindependent.com/wp-content/themes/coreV2/single.php
×

US budget deficit surges to $134.5 billion

WASHINGTON (AP) — The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record. The Treasury Department said Wednesday that the deficit last month totaled $134.5 billion, up from a shortfall in October 2018 of $100.5 billion. The government ran up a deficit of $984.4 billion for the 2019 budget year that ended Sept. 30, 26% larger than in 2018. The Congressional Budget Office is forecasting that the deficit for 2020 will hit $1 trillion and will remain over $1 trillion for the next decade. The country has not experienced $1 trillion annual deficits since 2009 through 2012 following the 2008 financial crisis.

Newsletter

Today's breaking news and more in your inbox

Today's breaking news and more in your inbox
Are you a paying subscriber to the newspaper? *
   

Starting at $4.38/week.

Subscribe Today