It was the first time in seven years the deficit topped $1 trillion.
The U.S. budget deficit has topped $1 trillion for the first time in seven years, the Treasury Department said Thursday.
“Outlays for Military active duty and retirement, Veteran’s benefits, Supplemental Security Income, and Medicare payments to Health Maintenance Organizations and prescription drug plans accelerated into August, because September 1, 2019, the normal payment date, fell on a non-business day,” the Treasury Department said.
Thursday's report comes less than two months after the White House Office of Management and Budget forecast the federal deficit would exceed $1 trillion this year.The national debt now stands at $22.5 trillion, up 13 percent since Trump took office in January 2017.
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