The annual federal budget deficit rose above $1 trillion in August, the Congressional Budget Office said Monday.
The deficit reached $1,067 billion in the first 11 months of the 2019 fiscal year, according to CBO’s monthly budget review, $168 billion higher than the same period last year.
The 12-month number is expected to fall below $1 trillion, however, since the U.S. typically posts a surplus in September, the final month of the fiscal year. CBO is projecting an annual deficit of $960 billion for the full 2019 fiscal year, $181 billion higher than the total in 2018.
