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Economics

U.S. Annual Budget Deficit Nears $1 Trillion With 26% Rise

  • Spending increase outpaces revenue after Trump’s tax cuts
  • Gap of $984 billion represents highest level since 2012
The U.S. Capitol building stands at sunrise in Washington, D.C.
Photographer: Andrew Harrer/Bloomberg
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The U.S. budget deficit widened to almost $1 trillion in the latest fiscal year, surging to the highest level since 2012 as President Donald Trump cut taxes and boosted spending.