US Budget Deficit Nears $210Bln In First Month Of Fiscal Year 2020 - Treasury

WASHINGTON (Pakistan Point News / Sputnik - 12th December, 2019) The US monthly budget deficit hit nearly $210 billion in the first month of the fiscal year, Treasury Department data revealed.

The monthly figure puts the US government on pace to hit the $1 trillion annual deficit forecast by the Congressional Budget Office (CBO).

The US Federal government took in $225 billion in tax and other revenue while spending $434 billion, resulting in a deficit of $209 billion for November, the Monthly Treasury Statement Report showed on Wednesday.

The federal government ran up a deficit of $984 billion for financial year 2019, the most in seven years.

The United States ran up annual $1 trillion deficits from 2009 through 2012 during and after the financial crisis. The budget shortfall fell below the $1 trillion mark in the second term of President Barack Obama but now looks set to cross that level again as President Donald Trump seeks his second term of office.

The US federal debt has, meanwhile, reached $23 trillion, growing 16 percent since Trump's 2017 inauguration, when it stood at just $19.9 trillion.

The CBO expects the US annual deficit to stay above $1 trillion for the next decade.