Trump inherited a deficit of $585 billion when he took office in January 2017. That was 58 percent lower than the $1.4 trillion former President Barack Obama inherited in 2009 following the financial crisis, a number his administration slashed over two terms.
According to the latest Congressional Budget Office data released on Monday, the full-year deficit for 2019 is estimated to come in at $984 billion, just shy of the $1 trillion that many analysts were expecting. In 2018 the figure was $779 billion and in 2017 it was $665 billion.
“Relative to the size of the economy, the deficit—at an estimated 4.7 percent of gross domestic product (GDP)—was the highest since 2012, and 2019 was the fourth consecutive year in which the deficit increased as a percentage of GDP,” the CBO said in its report.
“He’s got no hope of eliminating the deficit,” Danny Blanchflower, professor of economics at Dartmouth College and a former monetary policymaker at the Bank of England, told Newsweek. “The only possibility is for him to increase the deficit…This looks much like the policy on Syria: Uncoordinated chaos.”