The U.S. Budget Deficit Surpasses $1 Trillion Mark

The transcript discusses the U.S. federal deficit for the first 11 months of the 2019 fiscal year, which rose to $1.07 trillion, marking a 19% increase from the previous year. This is the first time in seven years that the deficit has surpassed $1 trillion. The increase is attributed to a $1.5 trillion tax cut enacted in 2017, a large spending package, and a new budget deal. Despite the current deficit, the Congressional Budget Office estimates the full-year deficit will be $960 billion due to expected tax payment spikes in September.

By how much did the federal deficit increase in August 2019?

• $100 billion

• $300 billion

• $200 billion

• $400 billion

What was the percentage increase in the deficit compared to the previous year?

• 10%

• 15%

• 19%

• 25%

What was a significant financial promise made by Donald Trump during his campaign?

• Cut social security

• Increase federal spending

• Increase taxes

• Reduce federal debt

What major financial actions contributed to the increase in federal debt?

• Decrease in healthcare funding

• Tax cuts and spending packages

• Increase in social security benefits

• Reduction in military spending

What is the projected total deficit for the full fiscal year 2019?

• $800 billion

• $1.5 trillion

• $960 billion

• $1.07 trillion