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.

What was the deficit amount that rose in August 2019?

How much did the deficit increase compared to the same time last year?

What significant tax policy contributed to the increase in federal debt?

What was the estimated total deficit for the full year according to the Congressional Budget Office?

What typically causes the deficit to fall in September?