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U.S. deficit just under $1 trillion in 2019

Christian Fernsby ▼ | October 8, 2019
The U.S. government ran a budget deficit of just under $1 trillion in the closed fiscal year.
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That’s according to the latest, almost official estimate by the Congressional Budget Office.

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Last year’s deficit ran $779 billion, but this year’s came in at $984 billion, more than $200 billion higher despite very low unemployment and continuing economic growth.

Many mainstream economists have long taken the position that deficits and the nation’s $22 trillion national debt are unsustainable. CBO notes that deficits have been growing faster than the size of the economy for four years in a row, ending 2019 at 4.7% of gross domestic product.