Fox Business reports:
The U.S. government deficit spiked 12 percent to $342 billion during the first two months of fiscal year 2020, according to data from the Congressional Budget Office.
The CBO says the U.S. budget deficit will average $1.2 trillion a year from 2020 to 2029, amounting to 4.4 percent to 4.8 percent of gross domestic product.
The federal deficit was $587 billion when President Trump took office in January 2017, and had ballooned to $984 billion in 2019.
#NEW The federal budget deficit continues to balloon. @USCBO estimates deficit rose 12% in first 2 months of FY 2020 — totaling $342 billion in October and November.
CBO says deficit will average $1.2 trillion from 2020 to 2029.
— Greta Wall (@GretaLWall) December 10, 2019