For the second year in a row, the Treasury Department will need to borrow $1 trillion to pay for the budget deficit, according to Axios. The growing deficit is a result of increased of increased government spending and decreased revenues due to Trump’s 2017 tax cuts.
During Obama’s first term as president, Treasury borrowing passed $1 trillion as the government fought to combat the 2008 financial crisis. The deficit has declined in the years since, settling to $519 billion in 2017. Last year, it nearly doubled.
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