WASHINGTON: The US budget deficit widened to almost US$1 trillion in the latest fiscal year, surging to the highest level since 2012 as President Donald Trump cut taxes and boosted spending.
The gap increased by 26% to US$984bil in the 12 months through September, representing 4.6% of gross domestic product, the Treasury Department reported Friday. The fourth straight increase confirms that the deficit under Trump is on pace to expand to historic levels.
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