The federal budget deficit has topped $1 trillion for the first time in seven years, the Treasury Department said. Expenses in August eclipsed incoming revenue by $214 billion this month, taking the government’s total shortfall to just under $1.07 trillion, the government reported Thursday. The growing deficit has also pushed up the national debt, the amount owed by the country to creditors to cover the difference between revenue and expenses.

source https://finance.yahoo.com/news/us-deficit-tops-1-trillion-142949547.html?.tsrc=rss