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Federal budget deficit tops $1 trillion in 2019

The federal government budget deficit surpassed $1 tri...

Posted: Jan 13, 2020 3:27 PM
Updated: Jan 13, 2020 3:45 PM

The federal government budget deficit surpassed $1 trillion in 2019, marking the first time the country has crossed that threshold in a calendar year since 2012.

The budget deficit reached $1.02 trillion for the 12-month calendar year ending in December, according to data released by the Treasury Department on Monday

And the gap appears to be widening. For the first quarter of fiscal year 2020, which began on October 1, the deficit grew 12% over last year.

The deficit -- the gap between how much the government spends versus how much it takes in -- increased to $357 billion in the first three months of the fiscal year as military spending and health care costs continued to eclipse federal tax receipts. The shortfall stood at $319 billion for the same period in fiscal 2019.

Federal spending rose 7% to $1.16 trillion between October and December, while federal tax receipts increased 5% to $807 billion. That includes $21.1 billion collected from tariffs paid by importers.

The country's deficit has continued to balloon due in part to tax cuts and a two-year budget deal that has boosted federal spending under President Donald Trump. It's swelled to $984 billion at the end of the last fiscal year, up from $665 billion during his first year in office in 2017.

The widening gap comes despite campaign promises by Trump to shrink or even eliminate the nation's deficit.

Usually, big budget deficits typically widen during economic downturns -- but the US economy is expanding and unemployment is at a 50-year low.

Oregon Coronavirus Cases

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Cases: 394569

Reported Deaths: 5243
CountyCasesDeaths
Multnomah60720847
Washington42359405
Marion40153516
Clackamas33040387
Lane30428361
Jackson25105363
Deschutes23795189
Umatilla15144184
Linn14859183
Douglas13523293
Josephine10278247
Yamhill9840143
Klamath9112149
Polk8325102
Benton615338
Malheur593292
Coos5768109
Columbia438056
Jefferson424366
Lincoln365852
Crook343057
Union340756
Wasco318646
Clatsop263635
Baker221833
Tillamook218046
Hood River216537
Morrow197825
Curry193939
Harney121333
Grant109116
Lake105617
Wallowa76313
Sherman1933
Gilliam1854
Wheeler1141
Unassigned00

California Coronavirus Cases

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Cases: 5107717

Reported Deaths: 74800
CountyCasesDeaths
Los Angeles153472027244
San Diego4091824350
Riverside3892365381
San Bernardino3762805983
Orange3352965756
Sacramento1690952452
Kern1582701828
Fresno1574692270
Santa Clara1528571928
Alameda1256281512
San Joaquin1080791835
Ventura1043091192
Contra Costa1042181056
Stanislaus919641429
Tulare867391100
San Francisco57141674
San Mateo56585631
Monterey52842626
Solano47828360
Santa Barbara47523555
Merced45309671
Sonoma43349414
Placer42458473
Imperial38932776
Kings35370367
San Luis Obispo31667360
Madera26388311
Shasta26221461
Butte25608318
Santa Cruz22402224
Yolo21722261
Marin18587249
El Dorado18448168
Sutter14646186
Napa13446106
Yuba1079891
Tehama10316131
Humboldt10294119
Nevada10112105
Mendocino864999
Lassen797656
San Benito787979
Tuolumne778491
Lake7057113
Amador580067
Siskiyou479657
Glenn458536
Calaveras445788
Del Norte377942
Colusa328321
Inyo257346
Plumas19577
Mono19034
Mariposa162218
Trinity100717
Modoc7936
Sierra2190
Unassigned1560
Alpine1080
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