The Treasury Department is projected to borrow $1 trillion for the second year in a row to finance the deficit, according to Bloomberg News.
A Treasury Department announcement Monday said the U.S. government expects to borrow $365 billion in the January-March quarter, and another $83 billion in the next three-month period.
In fiscal year 2018, President Trump’s first full year in office, the Treasury borrowed almost double the amount from the previous year, hitting $1 trillion for the first time.
In fiscal year 2019, the deficit is projected to reach $897 billion, a 15 percent jump from the previous year. The increase is largely driven by spending programs like Social Security, and is pushed along by reduced revenues from the 2017 GOP tax cut.
Read more at The Hill.