This archive report was first published on 21 August 2019.
President Trump's economic policies have failed to deliver on their promises, with the federal budget deficit growing faster than expected.
According to the Congressional Budget Office, the deficit will reach $960 billion for the 2019 fiscal year, which ends on September 30, and $1 trillion for the 2020 fiscal year.
Published on August 21, 2019, the updated forecasts reveal a significant increase from the previously projected $896 billion deficit for 2019 and $892 billion for 2020.
The rising deficit is attributed to sluggish growth in federal revenue following the 2017 tax cuts and bipartisan agreements to raise military and nondefense domestic discretionary spending.
Typically, the budget deficit shrinks when unemployment is low, but Mr. Trump's administration has defied this trend.
Despite his campaign promise to balance the budget and pay off the national debt, President Trump has shown indifference to deficits, leaving his fellow Republicans in a bind.
