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You are here News Economy 2019 deficit nears $1 trillion, highest since 2012: Treasury

2019 deficit nears $1 trillion, highest since 2012: Treasury

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Deficit nears $1 trillion

The federal deficit for fiscal 2019 reached close to $1 trillion for the first time since 2012, according to final Treasury Department figures released Friday.

In the final accounting, the deficit came in at $984 billion, more than $200 billion, or 25 percent, higher than last year and the same figure the Congressional Budget Office projected earlier in the month.

The deficit, which is projected to grow in 2020, has only surpassed $1 trillion four times in the nation's history, during the four-year stretch following the 2008 global financial crisis.

While President Trump as a candidate had promised to wipe out the nation's debt altogether, it now stands above $22 trillion. The annual deficit, which adds to the nation's overall debt burden, was $587 billion in the last full fiscal year before Trump took office.

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