USA Economy: Budget deficit topped $1 trillion in 2019, the first time in 7 years

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The U.S. fiscal deficit topped $1 trillion in 2019, the first time it has passed that level in a calendar year since 2012, according to Treasury Department figures released Monday.

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.

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