The US deficit reached $ 1 trillion. The year is not over yet

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The current deficit exceeds the annual deficit of fiscal year 2018, which amounted to $ 898 billion.

President Donald Trump, who had promised to eliminate the federal debt in the 2016 campaign, has instead oversaw a dramatic increase in deficits.

The White House Office of Management and Budget predicted that the deficit would exceed $ 1 trillion for the full year, ending September 30. On Monday, the Congressional non-partisan budget office said the federal deficit exceeded $ 1 trillion in the first 11 months of fiscal 2019, according to its budget revision.

The last time the gap was so important, it was in 2012, in the aftermath of the financial crisis.

The increase in the US deficit was caused by a number of factors, including the $ 1.5 trillion tax cuts promulgated by Trump in 2017, as well as a massive spending spree adopted by the Congress.

According to the CBO's latest report, the deficit is expected to reach $ 960 billion in fiscal 2019, to average $ 1.2 trillion over the next 10 years. The CBO has raised its forecast for this year's $ 63 billion deficit after Trump signed a two-year bipartite budget deal this summer.

In August, Congress agreed on an agreement that would increase spending by an additional $ 320 billion over the next two years and suspended the debt ceiling until mid-2021.

The Committee for a Responsible Federal Budget estimates that the 2017 tax cuts combined with new Congressional spending will add more than $ 4.1 trillion to the federal debt by 2029.

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