US federal budget deficit exceeds $1 trillion

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U.S. federal budget deficit reached 1.067 trillion U.S. dollars for the first 11 months of fiscal year 2019, which will end on Sept. 30, according to the Congressional Budget Office (CBO)'s latest monthly budget review.

The figure is 168 billion U.S. dollars more than the deficit recorded during the same period last year, the CBO said in the review released Monday. Revenues were 102 billion dollars higher and outlays were 271 billion dollars higher than in the same period in fiscal year 2018.

In its most recent baseline projections, CBO estimated that the 2019 budget deficit would be 960 billion dollars. "The deficit for the year is expected to be smaller than the shortfall in first 11 months because tax payments due in September are likely to yield a surplus in that month," the CBO report said.

In July, the White House projected a 1-trillion-dollar budget deficit for the fiscal year 2019, as stated by the Office of Management and Budget in its Mid-Session Review.

Earlier in August, U.S. President Donald Trump signed the "Bipartisan Budget Act of 2019," which boosts discretionary spending limits and suspends the public debt limit for the next two years.

The budget deal will lift the budget cap for discretionary spending to 1.37 trillion dollars in 2020 and 1.375 trillion dollars in 2021, expanding defense outlays, demanded by Republicans, and boosting domestic spending, including health care for veterans, sought by Democrats.

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