The U.S. federal government posted solid growth in payroll tax revenue and customs duties in 2019, but soaring defense and health care spending, and soft individual tax and estate tax revenue, pummeled earnings.
The federal government posted a loss of $1 trillion for 2019 on $3.5 trillion in revenue, compared with a loss of $779 billion for 2018 on $4.1 trillion in revenue.
Overall U.S. gross domestic product, or national income, increased 4.7%, to more than $21 trillion.
Federal government revenue increased 4.3%. Federal government spending increased 9%.
Officials at the federal Office of Management and Budget, an arm of the White House, posted those results in connection with the release of President Donald Trump’s budget proposal for fiscal year 2021.