The deficit has expanded under Trump, amid the Republican‘s $1.5 trillion tax cut package, increased federal spending and an aging population that’s boosting the cost of social programs like Medicare. Trump said recently “a lot of people” would like a cut in payroll taxes and he’s floated the idea of a capital gains tax break, as his administration examines ways to juice the economy.
The U.S. last ran a deficit bigger than $1 trillion between 2009 and 2012, when former President Barack Obama ran a large bailout for the financial markets and a stimulus plan to yank the country out of the financial crisis.
This article was provided by Bloomberg News.