U.S. Deficit Surpasses $1-Trillion for First Time in 7 Years

Red ink flowed like a river south of the border last year.

Figures released Monday by the U.S. Treasury Department revealed that country's fiscal deficit topped $1 trillion in 2019, the first time it has passed that level in a calendar year since 2012.

It appears the budget shortfall hit $1.02 trillion for the January-to-December period, a 17.1% increase from 2018, which itself had seen a 28.2% jump from the previous year. Rising corporate tax revenue helped lower the pace of increase in the spending gap.

For the fiscal year, which began in October, the shortfall is already at $356.6 billion, an 11.7% increase from a year ago. If that pace continues it would also lead to a fiscal deficit for 2019-20 of more than $1 trillion.

Through December, receipts totaled $806.5 billion while outlays have come to $1.16 trillion.

President Donald Trump had vowed that his stimulus policies, including massive corporate tax cut and aggressive deregulation, would help stem the negative numbers coming from Washington, but they have only increased. As deficits have swelled, so has the national debt, which is now at $23.2 trillion.