By — Martin Crutsinger, Associated Press Martin Crutsinger, Associated Press Leave a comment 0comments Share Copy URL https://www.pbs.org/newshour/economy/u-s-on-track-for-first-1-trillion-budget-deficit-since-2012 Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter U.S. on track for first $1 trillion budget deficit since 2012 Economy Feb 12, 2020 2:30 PM EST 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, putting 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. The deficit reflected government spending that has grown 10.3% this budget year while revenues were up only 6.1%. For January, the deficit totaled $32.6 billion, compared to a surplus a year ago of $8.68 billion. President Donald Trump sent Congress a new budget blueprint on Monday that projects the deficit will top $1 trillion this year but then will decline over the next decade. The Congressional Budget Office, however, is projecting that the deficit will top $1 trillion this year and remain above $1 trillion over the next decade. By — Martin Crutsinger, Associated Press Martin Crutsinger, Associated Press
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, putting 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. The deficit reflected government spending that has grown 10.3% this budget year while revenues were up only 6.1%. For January, the deficit totaled $32.6 billion, compared to a surplus a year ago of $8.68 billion. President Donald Trump sent Congress a new budget blueprint on Monday that projects the deficit will top $1 trillion this year but then will decline over the next decade. The Congressional Budget Office, however, is projecting that the deficit will top $1 trillion this year and remain above $1 trillion over the next decade.