The federal deficit reached $134 billion in October, the first month of fiscal 2020, according to data the Treasury Department released Wednesday. The Hill reports:
That figure is about 34 percent higher than last October, a sign of a steadily increasing gap between federal spending and revenue. As a candidate, President Trump had promised to wipe out the nation’s deficit during his time in office, but deficits have only grown since his inauguration.
The Treasury estimated that the deficit for the 2020 fiscal year would surpass $1 trillion for the first time since 2012. The figure came in just below that milestone in fiscal 2019, hitting $984 billion.