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.

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