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The U.S. budget deficit reached its highest level in six years, higher than any point in President Barack Obama’s second term, the Trump administration announced Monday.

Increased spending in 2018 bumped the deficit up 17 percent to $779 billion in fiscal year 2018, largely due to an increase in spending and a decrease in corporate tax revenue because of the Republican tax cuts late last year. The deficit is now on track to surpass $1 trillion before 2020.

https://www.newsweek.com/budget-deficit-trump-obama-us-1171204

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