US budget deficit exceeded one trillion dollars

SARAJEVO, (Patria) - At the end of last calendar year, the US budget deficit exceeded one trillion US dollars, which is the first time since 2012.

The gap between government spending and revenue widened to $1.02 trillion, 17.1 percent more than in 2018, according to data from the US Department of the Treasury. 

In the first three months of fiscal year 2020, which began in the US on October 1, the budget deficit increased by almost 12 percent compared to the same period of the previous fiscal year and amounted to $356.6 billion, according to US media reports. 

According to projections, if this growth continues, the deficit in this fiscal year would be significantly higher than one trillion dollars. 

The increase in the deficit is contrary to President Donald Trump's promises to reduce or even eliminate future shortfalls in the state treasury.