US budget deficit sets seven-year record | FREE NEWS

US budget deficit sets seven-year record

In the 2019 financial year, the deficit reached 984$ billion.

The US ended fiscal year 2019 with the largest budget deficit in seven years. The US Treasury Department reported this.

For the first time since the early 1980s, the budget deficit increased four years in a row.

According to the Treasury Department, the deficit was $ 984 billion, or 4.6% of US GDP. In fiscal 2018, these figures were, respectively, 779 billion and 3.8% of GDP. In 2019, budget revenues increased by 4%, but spending also increased by 8.2%.

In 2009, in the Wake of the global economic crisis, the US budget deficit set a record of $ 1.4 trillion.