The US budget deficit narrowed to US$200 billion in August of 2019 from US$214 billion in the corresponding month of the previous year, bringing the fiscal year to date deficit soared past US$1 trillion, compared with US$898 billion in the comparable period the year earlier.

The total shortfall rose to nearly US$1.07 trillion, the first time that level has been eclipsed in seven years, thanks to a difference between revenue and expenses of more than US$214.1 billion in August. The government last saw that large of a fiscal deficit in 2012, when the gap was nearly US$1.1 trillion.