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U.S. NEWS Friday 15 November 2019

U.S. budget deficit surges

to $134.5 billion in October

WASHINGTON (AP) — The
federal government, which
ended the 2019 budget
year with its largest deficit
in seven years, began the
new budget year with a
deficit in October that was
33.8% bigger than a year
ago as spending hit a re-
cord.
The Treasury Department
said Wednesday that the
deficit last month totaled
$134.5 billion, up from a
shortfall in October 2018 of This June 12, 2019, file photo shows the U.S. Capitol dome in
$100.5 billion. Washington. On Wednesday, Nov. 13, the Treasury Department
The government ran up a releases federal budget data for August.
deficit of $984.4 billion for Associated Press
the 2019 budget year that
ended Sept. 30, 26% larger through 2012 following the spending and growth in
than in 2018. 2008 financial crisis. revenues from a stronger
The Congressional Budget The projections of trillion- economy.
Office is forecasting that dollar deficits are in con- In a congressional appear-
the deficit for 2020 will hit trast to President Donald ance Wednesday, Federal
$1 trillion and will remain Trump’s campaign prom- Reserve Chairman Jerome
over $1 trillion for the next ises in 2016 that even with Powell said the “federal
decade. The country has his proposed tax cuts he budget deficit is on an un-
not experienced $1 trillion would be able to eliminate sustainable path, with high
annual deficits since 2009 future deficits with cuts in and rising debt.”q