US budget deficit tops USD 984 bln

WASHINGTON, US Treasury Secretary Steven T. Mnuchin and Acting Director of the Office of Management and Budget (OMB) Russell Vought released on Friday the final budget results for FY 2019.

The deficit in FY 2019 was USD 984 billion, USD 205 billion more than in the prior fiscal year but USD 16 billion less than forecast in the FY 2020 Mid-Session Review (MSR).

As a percentage of GDP, the deficit was 4.6 percent, 0.8 percentage point higher than the previous year.

The gap between spending and revenue, referred to as the deficit, in the fiscal year that ended September 30 was the biggest since 2012.

Source: Kuwait News Agency