According to The Hill, the U.S. budget deficit for 2019 has already eclipsed the record total for the entire year last year. The deficit reached $866.8 billion in this fiscal year, which has only lasted 10 months. Last year, the deficit was $779 billion, meaning the total this year is up 27% from last year.
Although revenue increased 3% in the fiscal year, spending skyrocketed 8%. During this period, Trump’s tariffs from his trade war with China have led to customs duties to be almost doubled to $57 billion.
According to the Congressional Budget Office, the budget deficit predicted to continue escalating. By 2022 it is set to exceed $1 trillion.
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