WASHINGTON (AP) — The federal deficit for the 2019 budget year surged to $984.4 billion, its highest point in seven years.
The government is reporting a 26% increase over the 2018 deficit of $779 billion. The surge reflected such factors as revenue lost from the 2017 tax cut and a budget deal that added billions in spending for military and domestic programs.
Forecasts by the Trump administration and the Congressional Budget Office project that the deficit will top $1 trillion in the current budget year. And the CBO estimates that the deficit will stay above $1 trillion over the next decade.
Those projections stand in contrast to President Donald Trump’s campaign promises that even with revenue lost from his tax cuts, he would be able to eliminate the federal budget deficit.