2019 Budget Deficit Near $1 Trillion, Seven Year High

CNBC reports:

The U.S. Treasury on Friday said that the federal deficit for fiscal 2019 was $984 billion, a 26% increase from 2018 but still short of the $1 trillion mark. The gap between revenues and spending was the widest it’s been in seven years.

The government said corporate tax revenues totaled $230 billion, up 12%, thanks to a rebound in the second half of the year. Individual tax revenues rose 2% to $1.7 trillion.

Receipts totaled $3.4 trillion, up 4% through September, while federal spending rose 8%, to $4.4 trillion. The expenditures included military spending, interest payments on the national debt as well as Medicare payments.