US budget deficit hits $984 billion, highest in 7 years

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MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — The federal deficit for the 2019 budget year surged to $984.4 billion, its highest point in seven years, and is widely expected to top the $1 trillion mark in coming years. The 26% surge from the 2018 deficit of $779 billion that the government reported Friday reflected such factors as revenue lost from the 2017 Trump tax cut and a budget deal that added billions in spending for military and domestic programs. Forecasts by the Trump administration and the Congressional Budget Office project that the deficit will top $1 trillion in the current budget year. And the CBO estimates that the deficit will stay above $1 trillion over the next decade. Those projections stand in contrast to President Donald Trump's campaign promises tha
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