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Deficit Soars 25% Over First Four Months of Fiscal 2020

Yuval Rosenberg

The federal budget deficit over the first four months of fiscal year 2020 totaled $389 billion, up more than 25% from the same period last year, according to data released Wednesday by the Treasury Department.

Spending has risen by 10% while revenues have grown by 6.1%.

The deficit over the past 12 months reached $1.06 trillion.

The Treasury estimates that the deficit will top $1 trillion this year for the first time since 2012, when the economy was still recovering from the Great Recession.

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