2019 Federal budget deficit reaches $1 trillion for first time in seven years

Washington-DC

For the first time in seven years, the U.S. found itself in a trillion dollar hole.

The Federal Government’s budget deficit was released Monday by the treasury department.

According to the data, the government spent $1 trillion more than it took in during 2019.

The first quarter of 2020 is showing similar signs.

From October through December, military spending and health care costs caused the deficit to soar 12% over the previous year.

Increases in the national deficit usually happen during economic downturns, but the U.S. economy is growing and unemployment is at a 50 year low.

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