The U.S. budget deficit climbed past $1 trillion in the first 11 months of the 2019 fiscal year.
This is the first time in seven years the difference between the federal government's spending and its revenue has surpassed the $1 trillion mark.
During the 2016 presidential campaign, then-candidate Donald Trump vowed to get rid of the federal debt. But that debt has steadily swelled since he took office due in part to a $1.5 trillion tax cut enacted in 2017, a giant spending package passed by Congress and a massive new budget deal.
But just because the deficit is currently more than $1 trillion, it doesn't mean it's going to stay there. The Congressional Budget Office recently estimated the full-year deficit will total $960 billion.
That's because a spike in tax payments usually causes the deficit to fall in September.
Additional reporting from Newsy affiliate CNN.