Economy

US deficit swells 25% in fiscal 2020, $1.1 trillion over past year

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People walk past the Capitol Dome ahead of an expected vote in the impeachment trial of U.S. President Donald Trump on Capitol Hill in Washington, February 5, 2020.

Joshua Roberts | Reuters

The sea of red ink is getting deeper and deeper in Washington, with the federal government already racking up a budget deficit that is averaging close to $100 billion a month.

Treasury Department data released Wednesday show the shortfall at $389.2 billion in the first four months of fiscal 2020. That’s a 25% gain over the same period last year and already about 40% of the total deficit for fiscal 2019.

Over the past 12 months, the government has spent $1.06 trillion more than it has taken in. All the red…



Source cnbc.com

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