THE U.S. DEFICIT TOPPED $1 TRILLION. THE YEAR’S NOT EVEN OVER YET (CNN) – The U.S. budget deficit has topped a jaw-dropping one trillion dollars for the first time in seven years, and the year isn’t even over yet. The Treasury Department reported Thursday that the deficit grew to $1.067 trillion for the first 11 months of the fiscal year. 2018’s deficit was was $898 billion and that was for the entire 12 months. Before he was elected president, Donald Trump said he would eliminate the federal debt. Instead, deficits have gone up dramatically. One of the factors driving up the deficit is president Trump’s $1.5 trillion tax cuts in 2017. Another factor is the massive spending package passed by Congress.