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U.S. on track for first $1 trillion budget deficit since 2012

  • ASSOCIATED PRESS / JAN. 29
                                The Capitol is seen amid reflections of the Russell Senate Office Building in Washington. The Treasury Department has released federal budget data for January.

    ASSOCIATED PRESS / JAN. 29

    The Capitol is seen amid reflections of the Russell Senate Office Building in Washington. The Treasury Department has released federal budget data for January.

WASHINGTON >> The U.S. budget deficit through the first four months of this budget year is up 19% from the same period a year ago, putting the country on track to record its first $1 trillion deficit since 2012.

The Treasury Department said Wednesday in its monthly budget report that the deficit from October through January was $389.2 billion, up $78.9 billion from the same period last year.

The deficit reflected government spending that has grown 10.3% this budget year while revenues were up only 6.1%. For January, the deficit totaled $32.6 billion, compared to a surplus a year ago of $8.68 billion.

President Donald Trump sent Congress a new budget blueprint on Monday that projects the deficit will top $1 trillion this year but then will decline over the next decade.

The Congressional Budget Office, however, is projecting that the deficit will top $1 trillion this year and remain above $1 trillion over the next decade.

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