SIOUX CITY, Iowa (KCAU) – For the first time in seven years, the U.S. found itself in a trillion-dollar hole.
The Federal Government’s budget deficit was released Monday by the Treasury Department.
According to the data, the government spent $1 trillion more than it took in during 2019.
That hasn’t happened since 2012 and the first quarter of 2020 is showing similar signs.
Increases in the national deficit usually happen during economic downturns, but the U.S. economy is growing and unemployment is at a 50-year low.