US Deficit Tops $1 Trillion For First Time In 7 Years

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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.