The US government budget deficit narrowed modestly to US$13.3 billion in December 2019 from US$13.5 billion in the same month of the previous year, compared to market expectations of US$15 billion. In the first three months of the 2020 fiscal year, the budget deficit widened to US$356.6 billion as spending rose more than revenue. For the January-December period, the budget gap hit US$1.02 trillion, up 17.1% from 2018.