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Federal deficit tops $1 trillion

The Congressional Budget Office said on Monday that the federal deficit has exceeded $1 trillion in the first 11 months of the 2019 fiscal year.

The CBO projected that the 2019 budget deficit would be $960 billion, which is $181 billion higher than 2018.

The federal deficit — the difference between what the federal government collects through taxes and what it spends — is likely to reduce once quarterly taxes are collected.