Federal deficit estimated at $984B, highest in seven years

https://thehill.com/policy/finance/464764-federal-deficit-estimated-at-984b-highest-in-seven-years

By Niv Elis - 10/07/19 07:37 PM EDT

The federal budget deficit for 2019 is estimated at $984 billion, a hefty 4.7 percent of gross domestic product (GDP) and the highest since 2012, the Congressional Budget Office (CBO) said on Monday.

The difference between federal spending and revenue has only ever exceeded $1 trillion four times, in the period immediately following the global financial crisis.

The deficit, which has grown every year since 2015, is $205 billion higher than it was in 2018, a jump of 26 percent.

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