Please ensure Javascript is enabled for purposes of website accessibility
US Budget Deficit Running 11.8% Higher This Year
gvw_ap_news
By Associated Press
Published 5 years ago on
January 13, 2020

Share

The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years.

In its monthly budget report, the Treasury Department said Monday that the deficit from October through December totaled $356.6 billion, up from $318.9 billion for the same period last year.

In its monthly budget report, the Treasury Department said Monday that the deficit from October through December totaled $356.6 billion, up from $318.9 billion for the same period last year.

Both government spending and revenues set records for the first three months of this budget year but spending rose at a faster clip than tax collections, pushing the deficit total up.

The Congressional Budget Office is projecting that the deficit for the current 2020 budget year will hit $1 trillion and will remain over $1 trillion for the next decade. The country has not experienced $1 trillion annual deficits since the period from 2009 through 2012 following the 2008 financial crisis.

The actual deficit for the 2019 budget year, which ended Sept. 30, was $984.4 billion, up 26% from the 2018 imbalance, reflecting the impact of the $1.5 trillion tax cut President Donald Trump pushed through Congress in 2017 and increased spending for military and domestic programs that Trump accepted as part of a budget deal with Democrats.

For the first three months of the 2020 budget year, revenues have totaled $806.5 billion, up 4.8% from the same three months a year ago, while government spending has totaled $948.9 billion, an increase of 6.3% from a year ago.

The projections of trillion-dollar deficits are in contrast to Trump’s campaign promise in 2016 that even with his proposed tax cuts, he would be able to eliminate future deficits with cuts in spending and growth in revenues that would result from a stronger economy.

For the first three months of the 2020 budget year, revenues have totaled $806.5 billion, up 4.8% from the same three months a year ago, while government spending has totaled $948.9 billion, an increase of 6.3% from a year ago.

Both the spending amounts and revenue amounts are records for the first three months of a budget year. The deficit in December totaled $13.3 billion, slightly lower than the $13.5 billion deficit in December 2019.

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

California Senator Will Make Historic Appearance at Fresno City College Commencement

DON'T MISS

Gaza Ceasefire Talks in Cairo Near ‘Significant Breakthrough,’ Two Security Sources Say

DON'T MISS

Fresno County Farmer Sentenced to Prison in $650,000 Crop Insurance Fraud Case

DON'T MISS

Where Were the Most Car Crashes in Clovis? Police Release List

DON'T MISS

Protesters to Rally in Brooklyn After Pro-Israel Crowd Assaults Woman

DON'T MISS

Selma Teen’s Death May Be Tied to Fentanyl, Police Say

DON'T MISS

Blast Kills at Least 26 People in Nigeria’s Northeast, Residents Say

DON'T MISS

5-Year-Old Girl and Parents Among Those Dead in Vehicle Ramming in Vancouver

DON'T MISS

Feds Again Bump Up Water Allocation for Many Fresno County Farmers

DON'T MISS

Levi Strauss Shareholders Vote Against Proposal to End Diversity Programs

UP NEXT

Autopsy Confirms Gene Hackman Died From Heart Disease

UP NEXT

Trump Says Putin May Not Want Peace and May Need to Be ‘Dealt With Differently’

UP NEXT

Only About Half of Republicans Say Trump Has Focused on the Right Priorities

UP NEXT

Israeli Airstrike Kills 10 People, Half of Them Children

UP NEXT

Shedeur Sanders Is Still Waiting for a Call as the NFL Draft Enters the Final Day

UP NEXT

Israel’s AI Experiments in the War in Gaza Raise Ethical Concerns

UP NEXT

Paul Skenes Strikes Out 9, Wins Duel With Yamamoto in Pirates’ Victory Over Dodgers

UP NEXT

Eovaldi Outlasts Verlander as Rangers Beat Giants

UP NEXT

Rams Take Oregon Tight End Terrance Ferguson in Second Round After Trading Out of First

UP NEXT

The Latest: Francis Is Remembered as a ‘Pope Among the People’ as He Is Laid to Rest

Where Were the Most Car Crashes in Clovis? Police Release List

1 hour ago

Protesters to Rally in Brooklyn After Pro-Israel Crowd Assaults Woman

2 hours ago

Selma Teen’s Death May Be Tied to Fentanyl, Police Say

2 hours ago

Blast Kills at Least 26 People in Nigeria’s Northeast, Residents Say

2 hours ago

5-Year-Old Girl and Parents Among Those Dead in Vehicle Ramming in Vancouver

2 hours ago

Feds Again Bump Up Water Allocation for Many Fresno County Farmers

3 hours ago

Levi Strauss Shareholders Vote Against Proposal to End Diversity Programs

3 hours ago

US and Mexico Have Reached Agreement on New World Screwworm, Ag Secretary Rollins Says

4 hours ago

Death Toll in Iran’s Bandar Abbas Port Blast Rises to 70

4 hours ago

Selma Mayor Responds to Criminal Charge

4 hours ago

California Senator Will Make Historic Appearance at Fresno City College Commencement

For the first time in Fresno City College’s 115-year history, a United States senator will speak at its commencement ceremony. California De...

45 minutes ago

45 minutes ago

California Senator Will Make Historic Appearance at Fresno City College Commencement

Palestinians gather at the site of an Israeli strike on a house, in Jabalia, in the northern Gaza Strip April 28, 2025. (REUTERS/Mahmoud Issa)
51 minutes ago

Gaza Ceasefire Talks in Cairo Near ‘Significant Breakthrough,’ Two Security Sources Say

1 hour ago

Fresno County Farmer Sentenced to Prison in $650,000 Crop Insurance Fraud Case

1 hour ago

Where Were the Most Car Crashes in Clovis? Police Release List

Officers with the New York Police Department outside the Chabad Lubavitch World Headquarters in the Crown Heights neighborhood of Brooklyn, on Monday, April 28, 2025. The Police Department said it was preparing for new protests in Brooklyn on Monday after a woman was verbally and physically assaulted by hundreds of pro-Israel demonstrators there last week. (Victor J. Blue/The New York Times)
2 hours ago

Protesters to Rally in Brooklyn After Pro-Israel Crowd Assaults Woman

2 hours ago

Selma Teen’s Death May Be Tied to Fentanyl, Police Say

At least 26 people were killed and three injured on Monday when two vehicles struck an improvised explosive device in Nigeria’s insurgency-hit Borno state, an attack residents blamed on Boko Haram. (Shutterstock)
2 hours ago

Blast Kills at Least 26 People in Nigeria’s Northeast, Residents Say

Visitors pay their respects at a memorial after a vehicle drove into a crowd during a Filipino heritage festival in Vancouver, British Columbia, Sunday, April 27, 2025. (AP/Lindsey Wasson)
2 hours ago

5-Year-Old Girl and Parents Among Those Dead in Vehicle Ramming in Vancouver

Help continue the work that gets you the news that matters most.

Search

Send this to a friend