The US budget hole has surpassed $ 1 trillion for the first time in seven years. In the eleven months from October 2018 to the end of August 2019, the government deficit rose to more than a trillion dollars. This was announced by the Treasury Department in Washington on Thursday. It was therefore 19 percent larger than the budget hole in the same period last year.
Revenues in the current financial year ending September 30 have increased by three percent to more than $ 3 trillion. However, spending grew seven percent at the same time, exceeding $ 4.15 trillion.
Increase by customs duties
There was a huge increase in the US budget at the customs. As a result of the commercial dispute between US President Donald Trump and China and other countries, they rose 73 percent to $ 66 billion.
According to estimates from the US Congressional Budget Office (CBO), the budget deficit in 2020 is expected to rise to more than $ 1 trillion for the first fiscal year of 2012 for a full fiscal year. This would put the deficit above this mark two years earlier than previously expected. A financial year begins in the US on 1 October of the previous year.