White House projects $1 trillion deficit for 2019

Photo: Alex Wong/Getty Images

The White House Office of Management and Budget (OMB) projected in its midyear review Monday that the federal deficit would surpass $1 trillion this year.

Why it matters: It's the first time the U.S. deficit has exceeded the $1 trillion level since the 4-year period following the Great Recession. When President Trump was a presidential candidate, he promised to wipe out the deficit and also the entire federal debt, which has surpassed $22 trillion.

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Go deeper:

• The national debt has soared past $22 trillion, but does it even matter?
• Treasury will again borrow $1 trillion to pay for tax cuts, spending
• Chart: How the U.S. budget deficit has fluctuated since the 1980s