Budget deficit smashes $1 trillion mark, the highest in seven years

The government last saw that large of a fiscal deficit in 2012, when the gap was nearly $1.1 trillion.

During his presidential campaign, President Donald Trump promised economic growth that would easily take care of the tax cuts and new spending he planned. His 2017 tax break for corporations and individuals has helped contribute to a deficit that has grown from $584.6 billion in 2016. Revenue has accelerated slightly in 2019 to about $280 billion a month, but so have expenditures, which are averaging $377 billion a month, or about $25 billion a month more than in 2018. Last year closed with a $779 billion deficit.

As the deficit has grown so has the national debt, which is now at $22.5 trillion, up 13% since Trump took office. However, the deficit as a percentage of GDP has contracted significantly over the past several years, from a peak of 9.8% in 2009 to about 5% now.

Exactly as crazy as it sounds 1 trillion deficit it’s not much when our country has four or five individual corporations approaching 1 trillion each!

So much winning!!!😒

Thanks Trump and Republican tax cut. He bankrupted his business now he wants the same for the US

Interesting photo choice, considering spending bills are the purview of the House

The last sentence is the most important. 'However, the deficit as a percentage of GDP has contracted significantly over the past several years, from a peak of 9.8% in 2009 to about 5% now.'

GOPtaxscam DonTheCon

Obama doubled the deficit from ten trillion dollars to twenty trillion dollars in eight years ! I’m not a math major but that’s more than a trillion dollars a year increase to the deficit during his term

Unemployment is about to add another 200,000 in the next 45 days with this new flavor ban..

Yeah. Trump is robbing us!

Thanks Obama!.....oh no, wait a minute.

JonChevreau Bahhahahah keep them tax cuts coming you 🐒

Are we winning yet?

Winning?

Kudos GOP realDonaldTrump senatemajldr & SpeakerRyan on ruining our nation's financial future for a tax cut for your rich buddies and huge corporations. Sad Weak Impotent pathetic MoscowMitch LittleDonnieDrumph

trump is stupid, and thinks everyone else is and not him.

And why is that a problem now but not under Obummer?

So the McCabe bullshit is just done to distract us from this.

Luckily for us, the realDonaldTrump/SenateGOP/HouseGOP tax cut policy is paying for itself like they said it would.

I see all the unhinged leftists have come out for some low-hanging fruit and yet, not a single one of you are in favor of making cuts to the largest drivers of the deficit- SS, Medicare, and Medicaid. Quite the opposite, you libs want to EXPAND those programs.

Smart businessman he is 😂🤡🤡

catwalkb9 Talk to the gay Muslim Kenyan dictator president 44 Barack Hussein Obama or so taro but the hospital he says he was born in wasn’t even named until five years after he was born he’s a liar to but blame him for the last seven years and sending $150 billion to our number one enemy

ALL THE MONEY WE MAKE IN OUR NEW OIL & GAS EXPLORATIONS & SALES MUST GO TOWARDS PAYMENT OF OUR NATIONAL DEBT.

Would you just look at the face of the king?

Conservatives my ass! GOP is a joke.

ScottWapnerCNBC Just another bankruptcy for the Donald👿

Hence the 'G' in the GDP calculation is juiced and indicates an even more dire situation on the B+I front....

Good thing we have a President who donated his salary to help!!!

I’m shocked!

When u let a crazy old coot be president for 100 please

Deficit shouldn't be going up in a good economy, how fast will it go up in the next recession

Our mission at is to build the social media platform that ends fake news

GOP gosh ...our party?

Well done Trump👍realDonaldTrump

ScottWapnerCNBC

Taliban Trump is a terrible President!

So much MAGA!

And it's only going to go up

But wait!!! -- I thought Trump hated adding to the deficit Didn't he pledge that he would 'pay off the deficit' while in office LMAO what an ass. Such a liar!!

The tax cuts paid for themselves, I see.

Cool

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Michael Jordan pledges $1 million to help the battered BahamasNBA legend Michael Jordan has jumped into the Bahamas relief effort by announcing he will give $1 million to help the islands impacted by Hurricane Dorian. belikeMike Thank you Micheal Jordan has always given to needed causes but he just never publicized it all the time.But since people criticize him for not doing enough when it comes to given back he now feels the need to do things out in the open.
Source: CNN - 🏆 4. / 95 Read more »

Peloton fitness startup seeks to raise over $1 billionIndoor cycling startup Peloton is looking to raise approximately $1.1 billion as part of its initial public offering, according to a regulatory filing on Tuesday. I can't hate the word 'startup' enough. From whom? MEem?
Source: CNN - 🏆 4. / 95 Read more »

Michael Jordan Donating $1 Million to Bahamas Hurricane Dorian ReliefMichael Jordan Donating $1 Million to Bahamas Hurricane Relief He must have lost a bet 🐐🐐🐐 That's it
Source: TMZ - 🏆 379. / 59 Read more »

Wyclef Jean Hopes MJ's $1 Mil to Dorian Relief Gets in the Right HandsWyclef Jean says Michael Jordan's $1 million donation to Hurricane Dorian relief is '100% a big deal.' Well Make it happen Captain He means his hands, right? Like in Haiti? Says the guy who took money from the Hatian relief... GTFO with that Wyclef
Source: TMZ - 🏆 379. / 59 Read more »

Apple touches $1 trillion market cap again after iPhone launchIf the milestone holds, it won't be the first time that Apple has had a market cap over $1 trillion. It's simply amazing that Apple keeps adding just a little bit of new tech to the phone and kills it again. What a wonderful brand and marketing department they have. Amazing. Fractal_Hedge No sense
Source: CNBC - 🏆 12. / 72 Read more »