Relevant:
- Budget deficit moves closer to $1 trillion mark
- The US government lost nearly $1 trillion this past fiscal year. Again.
- The Actual Government Deficit Was $1 Trillion Last Year
- NIA Projects Multi-Trillion Dollar Budget Deficits
- US Treasury Posts Gigantic $1.16 Trillion Shortfall in Fiscal 2017, Media Coverage: Zilch
2019-10-11 — axios.com
For the second straight year, the Treasury Department will have to borrow $1 trillion to pay for the government's growing budget deficit, a consequence of juiced government spending and smaller revenues as a result of the late 2017 tax cuts, Bloomberg reports.
The big picture: Treasury borrowing surpassed $1 trillion during President Obama's first term as government spending soared amid the stimulus to combat the 2008 financial crisis, but it has steadily declined in the years since, settling down to $519 billion in 2017 before nearly doubling last year.
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