August red ink pushes 2019 federal deficit over $1 trillion

August red ink pushes 2019 federal deficit over $1 trillion

After an August that saw the federal government run up $200 billion in new red ink, the Treasury Department reported on Thursday that the federal deficit for 2019 is now at $1.067 trillion, almost $300 billion larger than all of 2018.

The new budget figures showed Uncle Sam brought in almost $228 billion in revenues in August, while spending $428 billion.

With one month to go in Fiscal Year 2019, the feds have already spent $4.16 trillion - more money than was spent in all of 2018, at $4.11 trillion.

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It's still possible the deficit won't end up over $1 trillion for 2019, as September can often be a positive month in terms of the deficit.

With the new figures coming out just a few hours before the next Democratic debate, one budget watchdog group, the Committee for a Responsible Federal Budget, said it was time for the candidates to be asked about the matter.

The growing size of the deficit under the Trump Administration - coming during a positive period of economic growth - is highly unusual, as a stronger economy should mean lower deficits.