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 yearsDonald 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.
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.