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Federal deficit nears $1 trillion, highest in 7 years

The federal deficit — the difference between federal spending and revenue — is nearing the $1 trillion mark, the highest it’s been since 2012.

The total deficit amount recently topped $984 billion, the highest since 2012. The amount totals 4.7 percent of the gross domestic product.

The increase comes after a large tax cut plan passed by the GOP, along with several bipartisan federal spending increases.

The deficit has only ever exceeded $1 trillion four times — immediately following the global financial crisis.